Backing off auto tariffs, US and EU agree to more talks

Backing off auto tariffs, US and EU agree to more talks

President Donald Trump said Wednesday that he and European Commission President Jean-Claude Juncker agreed to work toward eliminating tariffs and barriers on trade, reducing tensions for now in a brewing trade war.

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A tentative deal between the United States and Europe to diffuse a brewing trade dispute nearly failed over agriculture, the European Commission President Jean-Claude Juncker said Friday. Just days before, Trump wrote that tariffs were the "greatest" when negotiating trade policy.

Trump agreed to put off auto tariffs on Europe and the two leaders said they would begin broader talks over lowering other trade barriers on industrial products.

Trump has repeatedly threatened to impose further tariffs on European cars being imported into the United States over a perceived imbalance in trade between the two economic blocs.

"Without strong European answers, there is a danger that only we will make concessions and in response face new unreasonable demands from the U.S.", he said, calling for a comprehensive agreement that followed the guidelines of the World Trade Organisation (WTO).

And he announced the European Union had agreed to ease restrictions on American exports of liquefied natural gas and soybeans to Europe.

The money is aimed at shielding farmers from US President Donald Trump's disputes with China and other leading trading partners. After nearly three hours of talks, Trump said he wanted to hold a joint press conference with Juncker to announce the good news.

"We agreed today to join forces to protect American and European companies better from unfair global trade practices".

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American stock markets jumped in their last half-hour of trading in response to reports of a US-EU agreement.

"It's hard to predict how this trade war will develop and to what extent", Du Wanhua, deputy director of an advisory committee to the Supreme People's Court, said.

But he also cautioned that the United States is watching China's currency movements for any signs Beijing is manipulating the yuan.

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

Trump is reportedly ready to apply a 20% tariff on imports of cars and vehicle parts.

"We tried earlier in TTIP negotiations to make the United States loosen those laws", Malmstrom said.

"If you want to be stupid, I can be stupid, as well", the European Commission president said.

Trump's latest tweets came a day after his administration's first acknowledgement that the aggressive trade actions are causing domestic pain, with the announcement of $12 billion in aid for farmers who have been the primary targets of Chinese retaliation.

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