Thu Jul 26th, 2018 at 06:15:22 AM EST
Just like North Korea's Kim, agreement on intent ... nothing to show for it beyond a momentary truce in the war of words and initial slap of tariffs on steel- and aluminum products. "Illegal" retaliation by the EU suspended? China the big loser today.
Donald Trump and Jean-Claude Juncker agree on tariffs U-turn | DW |
US President Donald Trump and European Commission President Jean-Claude Junker met at the White House on Wednesday, where they announced that the US and the European Union would work to reduce trade tensions that have arisen over the past few months out of Trump's confrontational trade policy.
The meeting comes after weeks of acrimony between the US and EU -- which account for 50 percent of global trade -- as both sides slapped tariffs on one another.
More below the fold ...
Major points announced
In an unexpected press announcement in the Rose Garden, Trump and Juncker laid out the major goals that they had agreed upon in their meeting:
- The US and the EU would work towards "zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods," Trump said.
- The EU would buy significant amounts of liquid natural gas from the US to help diversify the bloc's energy sources, as well as increase its imports of US-grown soybeans.
- Both sides will hold off from imposing any further tariffs and will reassess exisiting tariffs on US steel and aluminum as long as trade talks remain ongoing.
- Both the US and the EU would work to reform the World Trade Organization (WTO), which Trump has criticized for unfairness toward the US.
Sen. Joni Ernst's high-wire act: IowaFirst!
As Tariffs Bite, China Cancels U.S. Soy Deals and Hunt Is on for New Export Markets
My previous post ...
○ BIG Welfare to US Farmers ... Illegal Retaliation
European Union, who makes the trade deals for export markets?
○ EU Council adopts new approach to negotiating and concluding trade agreements (22/05/2018)
Positive outcome, alleviates some pressure on the EU Council as PM May takes an aggressive approach in coming weeks on the Brexit negotiations:
○ Kabuki Theatre: Theresa May Takes Control DExEU