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| Trump and Juncker set for tough talks on trade – business live | Trump and Juncker set for tough talks on trade – business live |
| (35 minutes later) | |
| Newsflash: Europe is preparing to impose tariffs on $20bn of US imports, EU trade commissioner Cecilia Malmstrom has revealed. | |
| These tariffs would be brought in if Donald Trump follows through on his threat to hit European car imports with new tariffs, says Malmstrom, as she raises the heat ahead of today’s meeting. | |
| Malmstrom told Swedish daily Dagens Nyheteron (via Reuters). | |
| “We hope that it doesn’t come to that and that we can a solution. If not, the EU Commission is preparing a rather long list of many of American goods. | |
| It would be around $20 billion.” | |
| It’s not a very diplomatic approach to today’s White House meeting. But perhaps it’s a good way of getting Trump’s attention... | |
| Maybe Malmstrom has been reading Trump’s Art Of The Deal, which recommended taking a tough attitude in negotiations: | |
| The worst thing you can possibly do in a deal is seem desperate to make it. That makes the other guy smell blood, and then you’re dead.” | |
| Has the Commissioner been studying @realDonaldTrump #theartofthedeal? Begin a negotiation by announcing a massive threat..... | |
| Shawn Donnan, the FT’s world trade editor, isn’t convinced by Trump’s suggestion of abolishing all US-EU tariffs. | |
| He points out that some American farmers might be unhappy about a surge of imports from overseas, especially as China is now imposing new tariffs on US goods. | |
| Trump sets the bar high for a trans-Atlantic trade deal... But would US business go for end to all trade barriers? Sugar? Dairy? https://t.co/qOgaiwxOn6 | |
| Dutch MEP Marietje Schaake agrees that the idea is a stretch... | |
| Is he setting the bar high or setting the European delegation up for something he knows is not on the table? Especially as long as steel and aluminum tariffs based on national security & threats on cars, are? https://t.co/c2SswG850u | |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| They may need to lay out sponges and towels at the White House today, as Donald Trump hosts European Commission president Jean-Claude Juncker for trade talks. | They may need to lay out sponges and towels at the White House today, as Donald Trump hosts European Commission president Jean-Claude Juncker for trade talks. |
| It could be a bruising meeting. Juncker and trade commissioner Cecilia Malmström hope to dial down the rising tensions in the global economy, and ward off the threat of a full-blown trade war. | It could be a bruising meeting. Juncker and trade commissioner Cecilia Malmström hope to dial down the rising tensions in the global economy, and ward off the threat of a full-blown trade war. |
| The talks will centre on the car industry, with Trump threatening to impose tariffs on $50bn of EU car imports. That would hurt the German auto industry hard, and prompt retaliatory action from Brussels. | The talks will centre on the car industry, with Trump threatening to impose tariffs on $50bn of EU car imports. That would hurt the German auto industry hard, and prompt retaliatory action from Brussels. |
| Juncker could propose some concessions; there is talk that a “plurilateral car deal” could lower tariffs could address Trump’s concerns. However, that would be politically tricky, for both sides -- America currently has a 25% levy on European trucks coming into the country, to protect jobs in its rust belt. | Juncker could propose some concessions; there is talk that a “plurilateral car deal” could lower tariffs could address Trump’s concerns. However, that would be politically tricky, for both sides -- America currently has a 25% levy on European trucks coming into the country, to protect jobs in its rust belt. |
| Juncker told German public broadcaster ZDF earlier this week that his goal is to “explain and find out how to prevent a trade war”. | Juncker told German public broadcaster ZDF earlier this week that his goal is to “explain and find out how to prevent a trade war”. |
| But the signs aren’t great. Earlier this week, Trump tweeted that tariffs are “great”, and claimed America is being treated as a “piggy bank” by countries who run a trade surplus with it. | But the signs aren’t great. Earlier this week, Trump tweeted that tariffs are “great”, and claimed America is being treated as a “piggy bank” by countries who run a trade surplus with it. |
| Overnight, the president has called for both sides to completely abolish tariffs, subsidies and other trade barriers. | Overnight, the president has called for both sides to completely abolish tariffs, subsidies and other trade barriers. |
| That would certainly shake globe trade up - but is hardly something that Juncker can sign off during a quick chat in the Oval Office. | That would certainly shake globe trade up - but is hardly something that Juncker can sign off during a quick chat in the Oval Office. |
| The European Union is coming to Washington tomorrow to negotiate a deal on Trade. I have an idea for them. Both the U.S. and the E.U. drop all Tariffs, Barriers and Subsidies! That would finally be called Free Market and Fair Trade! Hope they do it, we are ready - but they won’t! | The European Union is coming to Washington tomorrow to negotiate a deal on Trade. I have an idea for them. Both the U.S. and the E.U. drop all Tariffs, Barriers and Subsidies! That would finally be called Free Market and Fair Trade! Hope they do it, we are ready - but they won’t! |
| The stakes are high, though. Trump has already angered Europe by imposing tariffs on steel and aluminium, which led to Europe putting 25% tariffs on bourbon whiskey, peanut butter, motorcycles and blue jeans. | The stakes are high, though. Trump has already angered Europe by imposing tariffs on steel and aluminium, which led to Europe putting 25% tariffs on bourbon whiskey, peanut butter, motorcycles and blue jeans. |
| A rocky meeting could shake the financial markets, warns Lukman Otunuga, Research Analyst at FXTM: | A rocky meeting could shake the financial markets, warns Lukman Otunuga, Research Analyst at FXTM: |
| With escalating trade tensions between the European Union and the United States still a key theme that continues to weigh on global sentiment, the outcome of today’s meeting could leave a lasting impact on the markets. | With escalating trade tensions between the European Union and the United States still a key theme that continues to weigh on global sentiment, the outcome of today’s meeting could leave a lasting impact on the markets. |
| If the talks prove unsuccessful and trade tensions end up escalating further, risk sentiment is likely to be negatively impacted. Market players should be prepared to expect the unexpected from the talks, especially when considering how highly unpredictable the Trump administration can be. | If the talks prove unsuccessful and trade tensions end up escalating further, risk sentiment is likely to be negatively impacted. Market players should be prepared to expect the unexpected from the talks, especially when considering how highly unpredictable the Trump administration can be. |
| The agenda: | The agenda: |
| 9am BST: German IFO expectations survey | 9am BST: German IFO expectations survey |
| 11am BST: CBI survey of UK retail sales in June | 11am BST: CBI survey of UK retail sales in June |
| 6.30pm BST (1.30pm EDT): President Trump and president Juncker meet at the White House | 6.30pm BST (1.30pm EDT): President Trump and president Juncker meet at the White House |