Donald Trump, EU's Juncker agree to ease trade tensions

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"We agreed today, first of all, to work together toward zero tariffs, zero nontariff barriers and zero subsidies on non-auto industrial goods", he said at an unscheduled appearance with Juncker after their White House meeting.

The commission, which manages trade relations on behalf of all 28 nations in the European Union, is preparing a list of retaliatory measures on American goods worth $20 billion should the US impose auto tariffs, Malmstrom said.

After talks at the White House with European Union officials, Trump announced in a joint Rose Garden appearance that the delegation agreed to increase imports of soybeans and liquefied natural gas.

The two met Wednesday at the White House with Trump warning that he would move forward with 25 per cent tariffs on auto imports if the meeting with Juncker didn't go well, prompting the European Union to respond that such a move would bring significant retaliatory measures on US goods.

Juncker declared he "had the intention to make a deal today and we made a deal today".

In a speech to The Veterans of Foreign Wars of the United States on Tuesday, Trump said farmers will eventually be "the biggest beneficiary" of his tariffs.

"This was a very big day for free and fair trade, very big day indeed", said Trump in closing.

"This was a good and constructive meeting".

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"We are close partners, allies - not enemies", Juncker said as Trump nodded and said, "Yes".

A top German industry group gave a cautious welcome to solutions proposed by U.S. President Donald Trump and European Commission President Jean-Claude Juncker to avert a trade war, but warned that U.S. auto tariffs were not completely off the table yet. Trump announced a similar reprieve with China in May, only to impose tariffs. "We have a number of areas on which to work together", he said.

Earlier this year Trump introduced a 25pc tariff on steel imports, and 10pc on aluminium. U.S. stocks and bond yields rose on signs of optimism that a U.S. -EU trade war could be avoided.

"I think it's a sign that our government caused this by these tariffs, and it's a sign they're trying to help us because they know they're the ones that imposed these and they caused this market to go down", Mensink said.

In announcing the farmer assistance program, USDA secretary Sonny Perdue sent a signal that the Trump administration is willing to help US industries hurt in the trade war.

While he opposes tariffs and would prefer the administration use "better tools" to address unfair trade practices, Republican House Speaker Paul Ryan said the confrontation could produce beneficial results.

"Tariffs were, are and will not be great, even if the USA president claims as such in his tweets", said Eric Schweitzer, president of the DIHK chambers of industry and commerce.

United States import tariffs of 25% on steel and 10% on aluminium, implemented in March, will remain in place during the talks. He's felt the impact of the trade wars directly as milk prices plummeted again this year following a long downward slide.