United States and European Union agree to ease tensions over trade disagreements

United States and European Union agree to ease tensions over trade disagreements

United States and European Union agree to ease tensions over trade disagreements

"I've made perfectly clearly that any time China is willing to seriously negotiate - and we're talking about a commitment to reduce the bilateral trade deficit as well as to deal with technology issues - we're available any time", he said.

The leaders agreed to "launch a new phase" in the relationship and "to work together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods", Mr. Trump said. He said the Trump-Juncker accord was "a good start - it takes away many people's worries that the global economy could suffer serious damage in the coming months from a trade war".

Juncker said the European Union already imports 35 percent of its natural gas from USA producers, but will work to buy more.

He has slapped taxes on imported steel and aluminum, saying they pose a threat to USA national security.

Where does this leave other disputes between the US and its trading partners? China has struck back with duties on soybeans and pork, among other products, affecting Midwest farmers in a region that supported Trump in his 2016 campaign.

"This bolsters Trump's argument that being tough and aggressive-and, yes, using tariffs where required-can get you to the negotiating table", Kudlow said. Levy cautioned that it would be "wildly unrealistic" to expect a big breakthrough on U.S. -EU trade.

Threatened U.S. auto tariffs would be put on hold while overall talks with the European Union are ongoing, Mnuchin said.

"We had a big day, very big", Trump said in a joint statement with Juncker at a joint press conference in the White House Rose.




On Tuesday, the United States president suggested in a tweet that "both the USA and the European Union drop all Tariffs, Barriers and Subsidies!"

However, Germany's DIHK chambers of Commerce noted that USA auto tariffs were not totally off the table. The company credited Trump's tariffs on imported steel and aluminum for helping it re-open the steel mill east of St. Louis.

Whatever progress was achieved on Wednesday could provide some relief for USA carmakers. General Motors slashed its outlook, and shares of Ford Motor Co. and auto parts companies have fallen.

"It doesn't set the scene for a very fruitful meeting", she said, adding that she only expects the meeting to provide "some sort of language that's mutually accepted".

"But one thing is sure: if the U.S. imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt". "And we made a deal today". Pat Roberts, R-Kan. "The proposed solutions move in the right direction but a significant proportion of skepticism remains", the DIHK said.

Trump will meet with steelworkers in Granite City, Illinois, where U.S. Steel recently announced it was firing up a furnace that had been idled for more than two years.

But in capitals across Europe, a number of national officials echoed that sentiment, heralding the meeting as having prevented a trade war.

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