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Trump Trade War – US and EU agree to back off

US President Donald Trump and European leaders pulled back from the brink of a trade war over autos Wednesday and agreed to open talks to resolve a dispute over steel and to tear down trade barriers between the United States and the European Union. In a hastily called Rose Garden appearance with Trump, European Commission President Jean-Claude Juncker said the US and the EU agreed to hold off on new tariffs, suggesting that the United States will suspend plans to start taxing European auto imports

Trump said “So we had a big day. Very big. We met right here at the White House to launch a new phase in the relationship between the United States and the European Union — a phase of close friendship; of strong trade relations in which both of us will win; of working better together for global security and prosperity; and of fighting jointly against terrorism. We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.”

Juncker said “Mr President, ladies and gentlemen, when I was invited by the President to the White House, I had one intention: I had the intention to make a deal today. And we made a deal today. We have identified a number of areas on which to work together. Work towards zero tariffs on industrial goods. And that was my main intention, to propose to come down to zero tariffs on industrial goods. We’ve decided to strengthen our cooperation on energy. The EU will build more terminals to import liquefied natural gas from the US.
Source : STRATEGIC RESEARCH INSTITUTE, STEELGURU
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