Trump, EU ease trade tensions
‘Work toward zero tariffs’
WASHINGTON — The U.S. and European Union have reached a deal to ease trade tensions and avoid further tariffs, President Donald Trump and European Commission President Jean-Claude Juncker said Wednesday.
The deal calls for both sides to “work together toward zero tariffs” on nonauto industrial goods, Trump said at a joint appearance in the Rose Garden.
The EU will also import more U.S. soybeans and liquefied natural gas, or LNG, both leaders said.
And both sides will work together to reform the World Trade Organization, they said.
While Washington and Brussels pursue these aims, the leaders agreed “we hold off further tariffs and reassess existing tariffs on steel and aluminum,” Juncker said.
Trump imposed global tariffs on aluminum and steel earlier this year as part of his escalating trade confrontation, and he’s currently weighing the imposition of auto tariffs.
“While we are working on this, we will not go against the spirit of this agreement unless either party terminates the negotiation,” Trump said. “We also will resolve the steel and aluminum tariff issues and we will resolve retaliatory tariffs.”
Juncker said the EU would build more terminals to import LNG as part of the deal.
The statements, at an unexpected press conference, could temporarily ease fears of a further escalation of Trump’s trade war.
Markets jumped in the closing minutes of the day when word of a potential deal began to circulate.