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| US and EU reach deal to calm trade war fears – as it happened | |
| (35 minutes later) | |
| And finally, here’s our Washington bureau chief David Smith on today’s trade breakthrough: | |
| 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.” | |
| I’ll be back in the morning to see how the European stock markets react. You might expect a rally.... however, the news that Facebook’s shares have tanked in afterhours trading (it missed Wall Street forecasts and lowered its outlook) could weigh on investors. | |
| BOOM! Facebook shares drop more than 20% in after-hours trading on revenue growth forecast. https://t.co/yPrfwGkFVk @technology pic.twitter.com/LW5NsWd5le | |
| Goodnight! GW | |
| Europe’s commitment to import a lot more liquified natural gas from America is quite interesting. | Europe’s commitment to import a lot more liquified natural gas from America is quite interesting. |
| During his visit to Europe this month, Donald Trump blasted Germany for signing up to a new natural gas pipeline link with Russia called Nord Stream 2. | During his visit to Europe this month, Donald Trump blasted Germany for signing up to a new natural gas pipeline link with Russia called Nord Stream 2. |
| Trump claimed the deal made Europe dangerously reliant on Russia for its energy needs - a concern echoed by some experts. | Trump claimed the deal made Europe dangerously reliant on Russia for its energy needs - a concern echoed by some experts. |
| So does today’s deal fix that problem? Not according to former US ambassador Anthony Gardner, who doubts whether much more LNG will actually cross the Atlantic... | So does today’s deal fix that problem? Not according to former US ambassador Anthony Gardner, who doubts whether much more LNG will actually cross the Atlantic... |
| Idea of significantly more LNG shipments to EU absurd. It is not price competitive with piped gas. In TTIP we had already agreed to eliminate 97pc of tariffs including all industrial tariffs — nothing new there though Trump of course will take credit. https://t.co/a2Z49cA239 | Idea of significantly more LNG shipments to EU absurd. It is not price competitive with piped gas. In TTIP we had already agreed to eliminate 97pc of tariffs including all industrial tariffs — nothing new there though Trump of course will take credit. https://t.co/a2Z49cA239 |
| I came, I talked, I got a deal, says Juncker on Twitter: | I came, I talked, I got a deal, says Juncker on Twitter: |
| I came for a deal, we made a deal. The EU continues to stand up for free and fair trade. My joint statement with @realDonaldTrump: https://t.co/JISJJ1CWR2 pic.twitter.com/GMpS0ZL5Ul | I came for a deal, we made a deal. The EU continues to stand up for free and fair trade. My joint statement with @realDonaldTrump: https://t.co/JISJJ1CWR2 pic.twitter.com/GMpS0ZL5Ul |
| Here’s a video clip of presidents Juncker and Trump announcing they have agreed to work together on trade: | Here’s a video clip of presidents Juncker and Trump announcing they have agreed to work together on trade: |
| The United States and the European Union have a $1 TRILLION bilateral trade relationship – the largest economic relationship in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens... pic.twitter.com/4zlmEEtCpG | The United States and the European Union have a $1 TRILLION bilateral trade relationship – the largest economic relationship in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens... pic.twitter.com/4zlmEEtCpG |
| European trade commissioner Cecilia Malmstrom says Washington and Brussels have “turned a page” in their relationship. | European trade commissioner Cecilia Malmstrom says Washington and Brussels have “turned a page” in their relationship. |
| Important meeting at the White House today with @JunckerEU and @realDonaldTrump. Turning a page, agreed to facilitate trade between us, looking at zero tariffs on industrial goods, energy and regulatory cooperation. Also intensify work on reform of WTO. | Important meeting at the White House today with @JunckerEU and @realDonaldTrump. Turning a page, agreed to facilitate trade between us, looking at zero tariffs on industrial goods, energy and regulatory cooperation. Also intensify work on reform of WTO. |
| Beijing may be looking at tonight’s deal nervously, says Reuters Noah Barkin: | Beijing may be looking at tonight’s deal nervously, says Reuters Noah Barkin: |
| This will be deeply unsettling for China. The first sign that the EU & US might resolve their trade spat and significantly lower bilateral barriers. Early days but that could ultimately mean a tag-team approach towards Beijing. If Trump sticks to this. Big if https://t.co/sJo1cBum0h | This will be deeply unsettling for China. The first sign that the EU & US might resolve their trade spat and significantly lower bilateral barriers. Early days but that could ultimately mean a tag-team approach towards Beijing. If Trump sticks to this. Big if https://t.co/sJo1cBum0h |
| China, of course, is being threatened with tariffs on ALL its US sales, unless it makes concessions on trade. | China, of course, is being threatened with tariffs on ALL its US sales, unless it makes concessions on trade. |
| European Commission vice-president Jyrki Katainen has hailed the apparent breakthrough: | European Commission vice-president Jyrki Katainen has hailed the apparent breakthrough: |
| I’m delighted that Presidents Juncker & Trump agreed that that the EU & US will work together: 1) towards a trade agreement with zero #tariffs, zero non tariff barriers, & zero subsidies in non auto industrial goods, 2) to reform the #WTO to address unfair trade practices, 1/2 | I’m delighted that Presidents Juncker & Trump agreed that that the EU & US will work together: 1) towards a trade agreement with zero #tariffs, zero non tariff barriers, & zero subsidies in non auto industrial goods, 2) to reform the #WTO to address unfair trade practices, 1/2 |
| Professor Steve Peers points out that the two sides have primarily agreed to negotiate on trade, rather than reach a concrete agreement (yet). | Professor Steve Peers points out that the two sides have primarily agreed to negotiate on trade, rather than reach a concrete agreement (yet). |
| Joint EU/US trade statement - at first sight looks to me like an agreement mainly to have further talks, with an implied standstill on any escalation of trade disputes: https://t.co/TSUVPkb0Nw | Joint EU/US trade statement - at first sight looks to me like an agreement mainly to have further talks, with an implied standstill on any escalation of trade disputes: https://t.co/TSUVPkb0Nw |
| The BBC’s Andrew Neil isn’t impressed by Trump’s approach | The BBC’s Andrew Neil isn’t impressed by Trump’s approach |
| Trump says EU/US will work towards end of tariff, non-tariff barriers plus no subsidies. That’s what you call a trade deal, which he recently walked away from. | Trump says EU/US will work towards end of tariff, non-tariff barriers plus no subsidies. That’s what you call a trade deal, which he recently walked away from. |
| Trump two-step continues:Nato summit: bluster then retreatMay’s Brexit strategy: bluster, retreatHelsinki: bluster, retreatEU trade wars: bluster, retreatDo you think there’s a trend here? | Trump two-step continues:Nato summit: bluster then retreatMay’s Brexit strategy: bluster, retreatHelsinki: bluster, retreatEU trade wars: bluster, retreatDo you think there’s a trend here? |
| Investor Christian Gagnon thinks Juncker has played his cards well: | Investor Christian Gagnon thinks Juncker has played his cards well: |
| The Europeans are playing it smart. They signed trade deals with China, Japan and now are avoiding a trade war with the US. https://t.co/IJ0YJPsJao | The Europeans are playing it smart. They signed trade deals with China, Japan and now are avoiding a trade war with the US. https://t.co/IJ0YJPsJao |
| Jean-Claude Juncker told reporters that he had a “good and constructive meeting” with Donald Trump. | Jean-Claude Juncker told reporters that he had a “good and constructive meeting” with Donald Trump. |
| He added that the two sides had agreed not to impose any new tariffs while talks were taking place. | He added that the two sides had agreed not to impose any new tariffs while talks were taking place. |
| That might mean that the threat of punitive tariffs being imposed on EU car sales into America may have receded.... | That might mean that the threat of punitive tariffs being imposed on EU car sales into America may have receded.... |
| Donald Trump also sounds optimistic following his talks with Juncker today. | 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 | He tells reporters in Washington that the two side have agreed to work together to lower trade barriers |
| Trump declares: | 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, 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 | “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. | 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. | That includes working towards “zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” says the US president. |
| He adds: | 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, | “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. | 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. | The EC says it has launched a “new phase” in its relationship with the US today. |
| It is: | 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. | ....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. | 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. | 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. The two side have agreed to work together to lower trade barriers, and towards eliminating some tariffs. | The breakthrough was reached during Jean-Claude Juncker’s talks with Donald Trump at the White House. The two side have agreed to work together to lower trade barriers, and towards eliminating some tariffs. |
| It will see Europe import more energy, and soy beans, from America. | It will see Europe import more energy, and soy beans, from America. |
| In a statement, the EU says it agreed four key points with the US today: | 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. | 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. | 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. | 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. | 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. | 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! | 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. |