We Have A Deal: Trump And Juncker Agree To Avert A Trade War
- We Have A Deal: Trump And Juncker Agree To Avert A Trade War
by Tyler Durden, https://www.zerohedge.com/
Summary: so we have a deal, maybe. Trump and Juncker reached a deal to avert a transatlantic trade war, ease tensions stoked by Trump’s threat and impose tariffs on car imports.
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The two leaders agreed to expand European imports of U.S. liquified natural gas and soybeans and lower industrial tariffs on both sides, Trump said. The U.S. and European Union will “hold off on other tariffs” while negotiations proceed, Juncker added.
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“We had a big day, very big,” Trump said during the joint statement with Juncker at the White House Wednesday. He hailed “a new phase” of trade relations. The two leaders also said they would work toward “zero” tariffs on industrial goods, Bloomberg reported and added that they would try to “resolve” steel and aluminum tariffs he imposed earlier this year and retaliatory duties the EU levied in response.
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The EU and US also agreed to launch new negotiations aimed at defusing rising transatlantic trade tensions: the two leaders said they had agreed to work together towards eliminating all tariffs, trade barriers and subsidies related to non-auto industrial goods. They also said they would work together to reform the World Trade Organization and reduce trading costs and regulatory barriers across the Atlantic.
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There was no questions allowed after the press conference, which followed a three hour meeting between Trump and Juncker. Juncker had came to Washington for a last-ditch bid to avoid U.S. tariffs on cars, although there was no explicit agreement reached on that particular topic.
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Earlier in the day, Trump was said to be considering to slap 25% tariffs on as much as $200BN in foreign cars (in 2017, the total value of imported cars was just under $200BN).
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