In return, "the European Union is going to start, nearly immediately, to buy a lot of soybeans ... from our farmers", Trump said.
"Juncker knows how to tame Trump" wrote Vienna's left-leaning Der Standard, describing the deal as a "masterpiece".
Talks would seek to "resolve" USA tariffs on steel and aluminium and Europe's retaliatory duties, a step back from Trump's import protections for us metal producers. "President Juncker is working to avert new tariffs".
France was one of the countries to immediately demand clarification after the talks, citing comments from Trump that the agreement would open up new markets for US farmers. The announcement of possible 10 percent tariffs on another $200 billion of Chinese goods would further increase the cost of production for USA companies, make consumer products more expensive and bring detrimental results to US manufacturers and consumers. During a recent European trip, Trump referred to the EU as a "foe, what they do to us in trade".
The United States earlier this month imposed 25% tariffs on $34 billion worth of Chinese products, drawing a tit-for-tat response from Beijing, which targeted politically sensitive USA agricultural products. That's because China, by far the largest market for the crop, has imposed retaliatory tariffs on US soybeans, causing sales to shrink.
European Union buyers have already been stepping up purchases, with US supplies now available at a significant discount to exports from South America.
While Trump somewhat effectively employed this strategy with South Korea, it may not work with the EU.
Trump earlier this year implemented steel tariffs of 25 percent and 10 percent on aluminum on the EU. Trump said he and Juncker agreed that the European Union would buy US soybeans, and that the European Union would become a "massive buyer" of USA liquefied natural gas.
"We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans".
His state has also been affected by retaliatory tariffs from the European Union on bourbon, and Barr said he didn't feel satisfied by the amount of specificity in Thursday's briefing on whether that would also be resolved soon. Let's hope we don't have to go to penalty kicks.
He warned, however, it was too soon to "assess the actual content".
Germany unsurprisingly hailed the decision, given their world dominating auto industry was the first in line to be punished by Trump's protectionist offensive. "Pressure has a sort of learning effect on Donald Trump".
Agricultural trade negotiations have traditionally been the hardest in worldwide free trade talks due to political sensitivities. General Motors slashed its outlook, and shares of Ford Motor Co., and auto parts companies have fallen. In the meantime, "Steel and aluminum tariffs stay in place", he added.
But European markets rallied, as French and German carmakers rebounded on news of their reprieve. Volkswagen was 3.3% higher and Daimler up 2.6%.
Mr Trump called it part of "strategic cooperation on energy".
However, it "may not be necessary" to impose the tariffs. "This is not yet the result we are aiming for but it has made a positive result in the whole discussion. on free trade or protectionism more likely than before", Foreign Minister Heiko Maas said in Seoul. Jobs there mean dozens more at steel-processing plants throughout the city that bend, cut, coat or reshape the raw product, said James Amos, Granite City's economic development director.
The details of the deal in Washington remained vague, with a statement mentioning that the transatlantic allies would "launch a new phase" in the relationship.