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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » US and EU reach deal to calm trade war fears – as it happened

US and EU reach deal to calm trade war fears – as it happened

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ruwan326

ruwan326
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Donald Trump and European Union officials appeared to step back from a trade war on Wednesday as they struck a deal to work toward “zero” tariffs, barriers and subsidies.
“We had a big day, very big,” the US president said in the White House rose garden, standing alongside Jean-Claude Juncker, the European Commission president, adding that there was a “new phase” in US-EU relations.
Trump and Juncker appear amiable at meeting aimed to avert trade war
“We agree today, first of all, to work together toward zero tariffs, zero, non-tariff barriers, and zero subsidies on non-auto industrial goods,” Trump told reporters.
The statement came after Trump had threatened tariffs on car imports and reports that the EU is planning retaliatory measures.
Trump said the US and EU will set up an executive working group to work on trade and assess existing tariffs “to the betterment of both”. He added: “We’re starting the negotiation right now but we know very much where it’s going.”
Juncker said it his “intention to make a deal” that would work towards zero tariffs on industrial goods.
Trump added: “This was a very big day for free and fair trade, a very big day indeed.”

https://www.theguardian.com/business/live/2018/jul/25/trump-juncker-trade-talks-tariffs-cars-business-live

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