Published: Mon, July 30, 2018
Markets | By Erika Turner

President Trump, EU Leader Hold Joint Press Conference

President Trump, EU Leader Hold Joint Press Conference

Seated in the Oval Office, European Commission President Jean-Claude Juncker told Mr Trump that the two trading partners were "allies, not enemies" and said they needed to work together to address recent frictions involving Mr Trump's threats to impose tariffs on auto imports and EU plans to retaliate.

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After the meeting, Trump declared a "new phase in the relationship" between the two trading blocs, and said: 'We are starting the negotiation right now but we know very much where it's going'.

We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods.

Trump added they would try to "resolve" steel and aluminum tariffs he imposed earlier this year and retaliatory duties the European Union levied in response.

At a meeting in Washington on Wednesday, Trump and Juncker agreed to lay aside their months-long trade spat and impose no new special tariffs for the time being.

Important meeting at the White House today with @JunckerEU and @realDonaldTrump.

"While we are working on this, we will not go against the spirit of this agreement unless either party terminates the negotiation", he said in a joint press conference with Juncker.

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The company credits Trump's plan to impose tariffs on imported steel and aluminum for the move.

Trump promised the United States would not impose tariffs on the import of European cars, something the U.S. had threatened to do in retaliation to taxes imposed on certain American goods entering Europe following Trump's decision to levy extra taxes on imported aluminium and steel. "And the media said this would lead to a trade war".

The official stressed on Thursday that Trump retained the power to implement tariffs on cars if needed and said there was no deadline for the completion of talks.

The joint statement issued by Trump and Juncker specifically made reference to lowering tariffs on exports of U.S. soybeans and increasing "strategic cooperation" in the area of liquefied natural gas.

Trump said the meeting successfully launched a new phase in the U.S.'s relationship with the European Union, which Trump has characterized as a problem for the American economy. "They have gone very dark", Kudlow said, adding that the USA remained open to talks if China decides to return to the table. The EU agreed to increase import of United States liquefied natural gas and agricultural produce.

Are they pulling back from the brink of a trade war? But those tariffs covered about $3 billion in goods and would pale in comparison with possible 25 per cent tariffs on imports of cars, trucks and auto parts.

In proposing new trade talks with the European Union, Trump said, "we want to further strengthen this trade relationship to the benefit of all American and European citizens".

He has long complained that the WTO has been unfair to the United States, despite the fact that the US has won most of the disputes against China and others.

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