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US and EU reach deal to calm trade war fears – business live | |
(35 minutes later) | |
Donald Trump also sounds optimistic following his talks with Juncker today. | |
He tells reporters in Washington that the two side have agreed to work together to lower trade barriers | |
Trump declares: | |
“This was a very big day for free and fair trade, a very big day indeed.” | |
“This was a very big day for free and fair trade, very big day indeed,” Trump says after making a joint statement on reaching a trade deal with the EU’s Juncker #tictocnews pic.twitter.com/i5TCCChtpH | |
Trump points out that the negotiations are only just starting, but both sides know where they want to get to. | |
That includes working towards “zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” says the US president. | |
He adds: | |
“We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans; soybeans is a big deal, | |
Europe would also become “a massive buyer” of liquefied natural gas from the United States, Trump adds proudly. | |
The EC says it has launched a “new phase” in its relationship with the US today. | |
It is: | |
....a phase of close friendship, of strong trade relations in which both of us will win, of working better together for global security and prosperity, and of fighting jointly against terrorism. | |
The EC adds that it hopes to “resolve the steel and aluminum tariff issues” -- the levies imposed by Donald Trump on European metal imports earlier this year. | |
It’s official: The European Union and the United States have reached an agreement that may calm fears of a trade war between the two sides. | |
The breakthrough was reached during Jean-Claude Juncker’s talks with Donald Trump at the White House. It will see Europe import more energy, and soy beans, from America -- as well as a new push to lower trade barriers. | |
In a statement, the EU says it agreed four key points with the US today: | |
First of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods. We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans. | |
This will open markets for farmers and workers, increase investment, and lead to greater prosperity in both the United States and the European Union. It will also make trade fairer and more reciprocal. | |
Secondly, we agreed today to strengthen our strategic cooperation with respect to energy. The European Union wants to import more liquefied natural gas (LNG) from the United States to diversify its energy supply. | |
Thirdly, we agreed today to launch a close dialogue on standards in order to ease trade, reduce bureaucratic obstacles, and slash costs. | |
Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices. We will therefore work closely together with like-minded partners to reform the WTO and to address unfair trading practices, including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state owned enterprises, and overcapacity. | |
More to follow! | |
US shares have jumped in late trading, following the report that Europe has made some trade concessions. | US shares have jumped in late trading, following the report that Europe has made some trade concessions. |
The Dow surged by 150 points, on hopes that a trade war can be averted. | The Dow surged by 150 points, on hopes that a trade war can be averted. |
Stocks jumped to daily highs after President Trump reportedly obtained concessions from the E.U. to avoid a trade war. pic.twitter.com/vhvALSbUvT | Stocks jumped to daily highs after President Trump reportedly obtained concessions from the E.U. to avoid a trade war. pic.twitter.com/vhvALSbUvT |
NEWSFLASH: The Dow Jones newswire is reporting that Jean-Claude Juncker has proposed some concessions to Donald Trump at their talks today. | NEWSFLASH: The Dow Jones newswire is reporting that Jean-Claude Juncker has proposed some concessions to Donald Trump at their talks today. |
It says the Europeans have “agreed to lower industrial tariffs” and also to “iimport more U.S. soybeans”. | It says the Europeans have “agreed to lower industrial tariffs” and also to “iimport more U.S. soybeans”. |
We don’t have more details, or confirmation yet.... | We don’t have more details, or confirmation yet.... |
Sky News have a video clip of Donald Trump and Jean-Claude Juncker’s remarks at the White House earlier: | Sky News have a video clip of Donald Trump and Jean-Claude Juncker’s remarks at the White House earlier: |
The president of the European Commission Jean-Claude Juncker has told @realDonaldTrump the US and EU are “allies, not enemies” as he arrived at the White House for trade talks For more from the US visit: https://t.co/bq81R3emMf pic.twitter.com/CIzpHriypN | The president of the European Commission Jean-Claude Juncker has told @realDonaldTrump the US and EU are “allies, not enemies” as he arrived at the White House for trade talks For more from the US visit: https://t.co/bq81R3emMf pic.twitter.com/CIzpHriypN |
Donald Trump and Jean-Claude Juncker have now vanished off for their trade talks. | 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 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. | 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 | 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. | 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]. | 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. | 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. | 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 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. | 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. | 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. | 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. | 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]. | 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. | 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. |