Trade War Between US and EU Averted (For Now)

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However, Trump remains vexed over the EU's 10 percent tariff on auto imports: the U.S. imposes only 2.5 percent on passenger cars, although its rate on imported pickup trucks is 25 percent.

At that press conference, Trump said a deal with the European Union would would be a "win" on both sides of the Atlantic.

Although both leaders said they would work towards resolving it, United States tariffs of 25 percent on steel and 10 percent on aluminium remain in place. The US president said he wouldn't "go against the spirit of this agreement".

The EU will also become "a massive buyer" of U.S. liquid natural gas, he said.

The pair agreed to work towards lowering trade barriers, meaning zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods.

Juncker's visit comes amid an escalating trade war between the USA and the E.U.in the wake of Trump's decision to slap tariffs on imports of aluminum and steel last month. Both sides will work to decrease industrial tariffs and adjust regulations to allow USA medical devices to be traded more easily in European markets.

As always, the devil is in the details and it is unclear at this point how much of this "deal" is PR and how much is substantive.

"Tariffs were, are and will not be great, even if the US president claims as such in his tweets", said Eric Schweitzer, president of the DIHK chambers of industry and commerce.

Still, however, the Republicans in the room brought up that farmers are now feeling significant pain because of shrinking markets, and that the administration needs to finalize and rework trade agreements with foreign partners as soon as possible.

Trump's announcement stunned lawmakers who arrived at the White House ready to unload concerns over the administration's trade policies only to be quickly ushered into Rose Garden for what the chairman of the Senate Agriculture Committee called "quite a startling" development. The EU has agreed to accept more imports of soy beans from the US.

"We are representing half of the world's trade".

Heiko Mass, Germany's foreign minister, also reacted cautiously. European Union Nations will be open to the United States and at the same time benefiting by everything we are doing for them.

European Commission's spokesperson Margaritis Schinas said on Monday that Juncker did not intend to make particular proposals regarding the mutual trade at the meeting with President Trump.

'Negotiations are going really well, be cool.

Trump also announced good news for American farmers.

The commission chief even risked saying that Trump had made "a major concession" on tariffs, testing the president's thin skin, the Reuters news agency reported.

The two men kissed for cameras at the White House.

As discussions were about to start with European Commission President Jean-Claude Juncker to resolve the EU trade spat, China's President Xi Jinping was making his keynote speech at the BRICS Summit in Johannesburg with the leaders of Brazil, Russia, India and South Africa in attendance.

"We have no idea what he is talking about and you may have to direct the question to him", a spokesperson at the Chinese embassy in Washington said.

"I came to Washington today not to give unsolicited advice but to offer increased cooperation".

David Lampton, director of China studies at Johns Hopkins University's School of Advanced International Studies, also said it was imperative for both sides to have direct talks and dialogue over their differences, especially when bilateral ties were at its worst downward spiral in decades.

He said the meeting had at least shown that the European Union would not let itself be divided.

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