Published: Sat, July 28, 2018
Money | By Michele Stevens

Trump, EU's Juncker agree to work towards zero tariffs

Trump, EU's Juncker agree to work towards zero tariffs

Twice, Mr. Trump's aides have negotiated potential deals with China, only to have him reject them and impose further tariffs.

Qualcomm needed Beijing's okay because China accounts for almost two-thirds of its revenue, but a deadline at midday on Thursday in Asia passed without word from China's regulator.

But Huizenga also said it would be hard not to characterize Trump's Wednesday announcement as a win.

EU officials said little had been given away by Juncker and that Europe had emerged as the victor by getting Trump to defer the threatened auto tariffs which would have hit European carmakers hard.

"Soya beans is a big deal". Sources close to the US President told reports that Trump may still be planning to go through with a threatened 20% tariff on European auto imports.

Washington insiders have been quick to caution that Trump's move to temper his trade policies is likely a temporary tack in the face of elections, rather than the abandonment of his hardline "America First" agenda.

"A breakthrough has been quickly made that nobody thought possible!"

Ross credited steel and aluminum tariffs for the agreement Trump and the European Union reached.

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Juncker says he came to America to make a deal, which they've done.

He later told reporters that was a "major concession" on Trump's part and that he expected the United States president to follow through on it.

He's a pro-Trump lawmaker, but he's also a vehicle dealer, and the auto industry is losing sleep over Trump's steel and aluminum tariffs, and the potential the administration has raised for more auto-related tariffs.

European governments and EU officials hailed the Trump-Juncker agreement as a major success.

"A trade war should be rejected because there will be no victor", Mr. Xi said at the opening of a BRICS summit of emerging economies in Johannesburg.

The late-afternoon news that the meeting had eased transatlantic trade tensions fed a powerful late rally on Wall Street.

The US Senate quietly passed legislation on Thursday that would lower trade barriers on hundreds of items made in China.

Strengthening and reforming our trade relationship is critical to both economies and will lead to greater prosperity.

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Since taking office previous year, Trump has implemented policies to restrict what he sees as unfair competition from other countries.

The Republican president has long complained that the WTO has been unfair to the United States, despite the fact the USA has won most of the disputes against China and others.

The deal boosted share markets initially, and US industrial shares were stronger on Thursday as fears of a trade war with Europe ebbed. We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods.

"Reason has prevailed. The agenda for talks between the European Union and the United States to de-escalate the current trade conflict is the right one", said BusinessEurope president Pierre Gataz. In return for the talks and a suspension of auto tariffs, the European Union will import more soybeans and energy from the United States.

The two also agreed to increase trade in services and agriculture, including greater United States soy bean exports to the EU.

The two leaders did not specifically mention auto tariffs in their statements, keeping the focus on other industrial products. In an apparent bid to demonstrate improved relations between the United States and its European allies, Trump tweeted a picture of himself and Juncker in an embrace, with the EU Commission chief kissing Trump's cheek. "We have some tariffs that are retaliatory and that will get resolved as part of what we're doing". "So we're used to paying detrimental duties and taxes on imports - it's something we've done for a long time", he said.

"I share the president's desire to crack down on bad actors in the worldwide marketplace, particularly China, but I fear the administration has lost sight of the goal to create a level playing field for farmers, steel producers and manufacturers", he said in a statement. "And we have plenty of it".

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