AGAINST the backdrop of trade tensions, the leaders of the United States and European Commission have agreed to work toward no tariffs in non-automotive industrial goods, seek to resolve current global steel and aluminum tariffs, and hold off on imposing any new tariffs as long as their countries remain in negotiations.
Speaking outside the White House after reaching a deal with the Trump administration, European Commission President Jean-Claude Juncker said the US and EU have agreed to 'reassess' US Section 232 duties first imposed on steel and aluminum from the EU in June, as well as the EU's retaliatory tariffs.
'When I was invited by the president to the White House, I had one intention: I had the intention to make a deal today,' Mr Juncker said during a joint address with President Donald Trump. 'And we made a deal today.'
The EU will import more soybeans and liquefied natural gas as part of the deal, Mr Juncker and Mr Trump said.The trading partners, which account for US$1 trillion in annual trade, also agreed to launch a 'close dialogue on standards in order to ease trade, reduce bureaucratic obstacles and slash costs dramatically,' Mr Trump said. The two sides also will work toward zero non-tariff barriers.
The two parties are launching an executive working group to carry out a joint trade agenda, identifying short-term measures to facilitate commercial exchanges and assess existing tariff measures and what can be done 'about that to the betterment of both,' Mr Trump said.
Finally, the historical allies will closely work together with 'like-minded partners' to 'reform' the World Trade Organization and address unfair trade practices, according to American Shipper.
In a speech later in the day, Mr Juncker told the Centre for Strategic and International Studies (CSIS) in Washington that the commission agrees with Trump that more needs to be done to reduce global steel overcapacity.
No printed document of the deal was immediately released, though a joint US-EU statement released following Mr Juncker's visit mentioned an intent to reduce barriers and increase trade in chemicals, pharmaceuticals, medical products and services.
During the CSIS speech, Juncker noted the EU was disappointed with the United States' steel and aluminum tariffs, but expressed an intent to avoid a deepening trade conflict.
'Trade wars have no winners,' Mr Juncker said. 'And tariffs will not protect national security; they will only undermine democracy.'
Speaking outside the White House after reaching a deal with the Trump administration, European Commission President Jean-Claude Juncker said the US and EU have agreed to 'reassess' US Section 232 duties first imposed on steel and aluminum from the EU in June, as well as the EU's retaliatory tariffs.
'When I was invited by the president to the White House, I had one intention: I had the intention to make a deal today,' Mr Juncker said during a joint address with President Donald Trump. 'And we made a deal today.'
The EU will import more soybeans and liquefied natural gas as part of the deal, Mr Juncker and Mr Trump said.The trading partners, which account for US$1 trillion in annual trade, also agreed to launch a 'close dialogue on standards in order to ease trade, reduce bureaucratic obstacles and slash costs dramatically,' Mr Trump said. The two sides also will work toward zero non-tariff barriers.
The two parties are launching an executive working group to carry out a joint trade agenda, identifying short-term measures to facilitate commercial exchanges and assess existing tariff measures and what can be done 'about that to the betterment of both,' Mr Trump said.
Finally, the historical allies will closely work together with 'like-minded partners' to 'reform' the World Trade Organization and address unfair trade practices, according to American Shipper.
In a speech later in the day, Mr Juncker told the Centre for Strategic and International Studies (CSIS) in Washington that the commission agrees with Trump that more needs to be done to reduce global steel overcapacity.
No printed document of the deal was immediately released, though a joint US-EU statement released following Mr Juncker's visit mentioned an intent to reduce barriers and increase trade in chemicals, pharmaceuticals, medical products and services.
During the CSIS speech, Juncker noted the EU was disappointed with the United States' steel and aluminum tariffs, but expressed an intent to avoid a deepening trade conflict.
'Trade wars have no winners,' Mr Juncker said. 'And tariffs will not protect national security; they will only undermine democracy.'