US President Trump met with the European Commission Chairman Juncker at the White House on the 25th. The two sides reached an agreement on trade issues, agreed to suspend the new tariffs and reduce trade barriers. The EU promised to import more LNG and soybeans from the United States. The trade war in the US and Europe has temporarily eased, but as the details of the agreement have not yet been implemented, the prospects for the agreement remain hidden.
According to reports, Trump and Juncker held a joint press conference after the meeting, the two sides agreed to work together to make non-automotive industrial products to zero tariffs, zero trade barriers and zero subsidies, and reduce services, chemicals, drugs Trade barriers in areas such as soybeans promote trade between the two sides. Europe and the United States also agreed to suspend tariff increases during trade negotiations and cooperate in reforming the World Trade Organization to combat unfair trade practices such as theft of intellectual property rights.
Both the United States and Europe have declared that they have achieved results. Trump described the warmth of the meeting and reached a breakthrough that no one had imagined before. “This is a big day of free and fair trade.” He also said that the United States and Europe “love each other” and hope that the two sides will strengthen trade links and achieve a win-win situation. Trump specifically mentioned the soy and liquefied natural gas agreement, saying that the EU “will buy a lot of soybeans soon”, the United States and Europe will discuss details in the short term.
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Juncker said that the United States made major concessions, emphasizing that Europe and the United States are allies rather than enemies, stressing that tariffs should be lowered rather than raised. European officials disagreed on the outcome of the meeting. German Economy Minister Artemier praised the talks for breakthroughs, avoided trade wars and saved millions of jobs, but French Economy Minister Lemer stressed that non-tariff barriers and agricultural products (5.450) , 0.06, 1.11%) should not be placed on the negotiating table, and asked the United States to show sincerity on steel and aluminum tariffs.
Although Trump and Juncker both agreed to reach an agreement, the content is not clear, and the details remain to be finalized in the future negotiations, and need to be agreed by the EU member states. Both Trump and Juncker pointed out that if any party in Europe and the United States stops negotiations, the agreement may be pulled down. The US Department of Commerce is investigating whether importing EU cars threatens national security. It is expected that the results will be as early as September, but Trump did not specifically mention automobile tariffs on the day of the negotiations. It is estimated that he will retain the bargaining chips.
US Treasury Secretary Mnuchien said that the United States and Europe will first negotiate steel and aluminum tariffs, and hope to resolve the dispute as soon as possible. During the negotiations, Washington will not impose tariffs on imported European cars.
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Former White House economist Bowen said that Trump and Juncker’s wording showed both parties’ willingness to resolve trade issues, but Trump’s policy was erratic and could send a free post on social networking sites, ruining the outcome of the talks.
U.S., director of the Global Business and Economic Program of the US think tank Atlantic (4.400, -0.01, -0.23%), said that the real-time outbreak of trade wars in Europe and the United States does not mean that the problem has been resolved. The two sides only return to the basic consultation stage. Soybean and LNG are not the most important trade commodities. I believe that if Washington does not withdraw steel and aluminum tariffs, the EU will not make too many concessions.