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| Juncker tells Trump that US and EU are 'allies, not enemies' as trade talks begin – business live | |
| (35 minutes later) | |
| Donald Trump and Jean-Claude Juncker have now vanished off for their trade talks. | |
| The two leaders appeared quite friendly as they sat side by side in the Oval Office. At one stage, Trump even reached over to give Juncker a friendly tap on the thigh. | |
| The optimistic noises from the two men have also helped to push shares higher on Wall Street, dragging the Dow Jones industrial average away from its earlier losses. | |
| Dow turns positive amid Europe trade deal hopes, rise in tech stocks https://t.co/KmNdvLJM7r pic.twitter.com/NAHfgFSAAT | |
| President Juncker thanks Donald Trump for inviting him to the White House for talks on trade. | |
| America and Europe are close partners and allies, not enemies, he says, so we have to work together. [reminder, Trump recently claimed the EU was a ‘foe’ when it comes to trade]. | |
| Juncker says that he believes talks should focus on decreasing tariffs, not increasing them. | |
| Trump says he agrees! The US would be very pleased if there were no tariffs, barriers or subsidies. | |
| We want reciprocal trade at a minimum, he insists, and “we’re making tremendous strides” towards it. | |
| We hope to achieve something good, and when we do you’ll be the first to know, Trump concludes. | |
| The assembled press pack then shout questions. Some are on trade, but at least one was about the secret recording of Trump discussing buying the rights to former Playboy model Karen McDougal’s story about her alleged affair with the president. None of the questions are answered. | |
| Donald Trump began by complimenting Jean-Claude Juncker on the way he represents EU citizens. | |
| We are looking for a fair trade deal, and hopefully we can sort something out, Trump tells reporters at the White House. | |
| The president then claims that America has been losing “hundreds of billions of dollars” to the EU over recent years [because it runs a trade deficit with Europe]. | |
| We just want a level playing field for American companies and farmers, Trump continues. Something that’s good for everybody, that’s what we are going to discuss. | |
| Newsflash: European Commission president Jean-Claude Juncker has declared that America and Europe are “friends, not enemies’, as he sits down with Donald Trump for talks on trade. | Newsflash: European Commission president Jean-Claude Juncker has declared that America and Europe are “friends, not enemies’, as he sits down with Donald Trump for talks on trade. |
| Juncker to Trump: „We‘re friends, not enemies.“ pic.twitter.com/vUdnZWVv0d | Juncker to Trump: „We‘re friends, not enemies.“ pic.twitter.com/vUdnZWVv0d |
| In response, Trump has told reporters at the White House that Juncker is “very smart” and “tough”, as they prepare to lock horns about tariffs. | In response, Trump has told reporters at the White House that Juncker is “very smart” and “tough”, as they prepare to lock horns about tariffs. |
| Trump about Juncker: He is a very smart and a very tough guy. pic.twitter.com/KtqPrYjYTb | Trump about Juncker: He is a very smart and a very tough guy. pic.twitter.com/KtqPrYjYTb |
| There’s a media scrum at the White House as reporters prepare to hear from presidents Juncker and Trump. | There’s a media scrum at the White House as reporters prepare to hear from presidents Juncker and Trump. |
| Auf dem Weg ins Oval Office werden alle Journalisten zu Disziplin, Ruhe und Ordnung aufgefordert. #Trump #Juncker pic.twitter.com/d3iDhqMUHW | Auf dem Weg ins Oval Office werden alle Journalisten zu Disziplin, Ruhe und Ordnung aufgefordert. #Trump #Juncker pic.twitter.com/d3iDhqMUHW |
| We’re expecting the two men will hold a “pool spray”* in the Oval Office (* - a chance for journalists to ask questions, not a refreshing blast from a hose) | We’re expecting the two men will hold a “pool spray”* in the Oval Office (* - a chance for journalists to ask questions, not a refreshing blast from a hose) |
| Donald Trump limbered up for his talks with Jean-Claude Juncker over trade today, by declaring he would show “No weakness”. | Donald Trump limbered up for his talks with Jean-Claude Juncker over trade today, by declaring he would show “No weakness”. |
| Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness! | Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness! |
| When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it! | When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it! |
| As explained in the introduction, the EU hope to talk Trump away from imposing tariffs on European car imports, but there’s not much hope of a big breakthrough today. | As explained in the introduction, the EU hope to talk Trump away from imposing tariffs on European car imports, but there’s not much hope of a big breakthrough today. |
| Now this is interesting... | Now this is interesting... |
| Donald Trump’s top economic advisor, Larry Kudlow, has told Fox News he held constructive talks with EU officials over trade yesterday. | Donald Trump’s top economic advisor, Larry Kudlow, has told Fox News he held constructive talks with EU officials over trade yesterday. |
| That could be an encouraging sign for the Trump-Juncker talks, which are due to start soon in Washington. | That could be an encouraging sign for the Trump-Juncker talks, which are due to start soon in Washington. |
| #Trump advisor Larry #Kudlow told Fox he met with EU senior staff, "including #Juncker’s right hand man, for a long time yesterday," adding "they have a positive attitude; so do we. Expectations are so low, people may be very surprised by the outcome." 1 on 1 to start in 1 hour. | #Trump advisor Larry #Kudlow told Fox he met with EU senior staff, "including #Juncker’s right hand man, for a long time yesterday," adding "they have a positive attitude; so do we. Expectations are so low, people may be very surprised by the outcome." 1 on 1 to start in 1 hour. |
| In London, the FTSE 100 index of top shares has fallen 50 points, or 0.66% today, to close at 7658. | In London, the FTSE 100 index of top shares has fallen 50 points, or 0.66% today, to close at 7658. |
| Chinese president Xi has fired a warning to the White House not to launch a global trade war. | Chinese president Xi has fired a warning to the White House not to launch a global trade war. |
| Speaking at the annual summit of BRICS (emerging market) economies in Johannesburg, Xi warned that countries who pursue “economic hegemony” will end up hurting themselves | Speaking at the annual summit of BRICS (emerging market) economies in Johannesburg, Xi warned that countries who pursue “economic hegemony” will end up hurting themselves |
| Xi declared that leaders must choose between cooperation and confrontation, adding. | Xi declared that leaders must choose between cooperation and confrontation, adding. |
| “Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism and the multilateral trading regime”. | “Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism and the multilateral trading regime”. |
| Trump, meanwhile has accused China of being ‘vicious’, by imposing retaliatory tariffs in response to his push for freer trade. | Trump, meanwhile has accused China of being ‘vicious’, by imposing retaliatory tariffs in response to his push for freer trade. |
| China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year. | China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year. |
| Motor racing chief Jean Todt, who ran the Ferrari Formula 1 team for several years, says Sergio Marchionne was a “visionary leader”. | Motor racing chief Jean Todt, who ran the Ferrari Formula 1 team for several years, says Sergio Marchionne was a “visionary leader”. |
| Todt, now president of the FIA (Fédération Internationale de l’Automobile), writes: | Todt, now president of the FIA (Fédération Internationale de l’Automobile), writes: |
| “It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away. Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Scuderia Ferrari back to the top. | “It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away. Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Scuderia Ferrari back to the top. |
| He was an endearing, upstanding and brave man, an unconventional and visionary leader. He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. His death is a considerable loss. | He was an endearing, upstanding and brave man, an unconventional and visionary leader. He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. His death is a considerable loss. |
| On behalf of the entire FIA community, all my thoughts go out to his family, his friends and his Ferrari and Fiat-Chrysler group teams”. | On behalf of the entire FIA community, all my thoughts go out to his family, his friends and his Ferrari and Fiat-Chrysler group teams”. |
| Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He was an endearing, upstanding and brave man, an unconventional and visionary leader.My tribute to Sergio Marchionne: https://t.co/33twI5k2EY | Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He was an endearing, upstanding and brave man, an unconventional and visionary leader.My tribute to Sergio Marchionne: https://t.co/33twI5k2EY |
| Another carmarker, General Motors, has spooked the markets by slashing its profit forecasts. | Another carmarker, General Motors, has spooked the markets by slashing its profit forecasts. |
| GM blamed rising commodity costs -- following Donald Trump’s decision to impose 25% tariffs on steel imports, and 10% on aluminium. That has pushed up GM’s raw materials bill, hitting profitability. | GM blamed rising commodity costs -- following Donald Trump’s decision to impose 25% tariffs on steel imports, and 10% on aluminium. That has pushed up GM’s raw materials bill, hitting profitability. |
| Chuck Stevens, GM’s executive vice president and CFO says: | Chuck Stevens, GM’s executive vice president and CFO says: |
| Our operating performance was impacted by significant headwinds from commodity costs and currency devaluations in South America. | Our operating performance was impacted by significant headwinds from commodity costs and currency devaluations in South America. |
| For the rest of the year we will focus on flawlessly executing our full-size truck launches and continue managing the business with discipline in a more challenging environment.” | For the rest of the year we will focus on flawlessly executing our full-size truck launches and continue managing the business with discipline in a more challenging environment.” |
| GM now expects to make between $5.80 to $6.20 per share this year, down from $6.30 to $6.60 previously. | GM now expects to make between $5.80 to $6.20 per share this year, down from $6.30 to $6.60 previously. |
| This makes GM one of the biggest companies to warn that Trump’s trade disputes are hurting business. The warning comes just a few hours before the president sits down with EC president Jean-Claude Juncker for talks to (possibly) stave off a trade war. | This makes GM one of the biggest companies to warn that Trump’s trade disputes are hurting business. The warning comes just a few hours before the president sits down with EC president Jean-Claude Juncker for talks to (possibly) stave off a trade war. |
| Wall Street has taken the news badly; shares in GM are down almost 7% today. | Wall Street has taken the news badly; shares in GM are down almost 7% today. |
| Italy’s Cgil union has given a guarded tribute to Sergio Marchionne, reports Associated Press: | Italy’s Cgil union has given a guarded tribute to Sergio Marchionne, reports Associated Press: |
| The Cgil union, Italy’s most powerful, praised Marchionne for having “saved a dying company.” But it faulted him for having failed to negotiate with “an important sector of Italian workers,” which it said created conflict and divisions that are still being felt. | The Cgil union, Italy’s most powerful, praised Marchionne for having “saved a dying company.” But it faulted him for having failed to negotiate with “an important sector of Italian workers,” which it said created conflict and divisions that are still being felt. |
| Cgil’s Fiom metalworkers union clashed with Marchionne over changes he brought to Italian plants to increase productivity. | Cgil’s Fiom metalworkers union clashed with Marchionne over changes he brought to Italian plants to increase productivity. |
| Ford’s executive chairman, Bill Ford, says the auto industry will miss Sergio Marchionne badly: | Ford’s executive chairman, Bill Ford, says the auto industry will miss Sergio Marchionne badly: |
| “Sergio Marchionne was one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker. | “Sergio Marchionne was one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker. |
| His extraordinary leadership, candor and passion for the industry will be missed by everyone who knew him. Our thoughts and prayers go out to his family at this difficult time.” | His extraordinary leadership, candor and passion for the industry will be missed by everyone who knew him. Our thoughts and prayers go out to his family at this difficult time.” |