The trade relations between the United States and Europe, which were on roller coaster ride over the past few months amid trade tariff threats and retaliation measures being thrown from each side, seem to be on the path of subsiding.
Namely, the President of the European Commission Jean-Claude Junker and U.S. President Donald Trump agreed in a meeting on Wednesday, July 25 to work toward zero tariffs and boost trade relations.
We have identified a number of areas on which to work together,” Juncker said after the meeting.
“Work towards zero tariffs on industrial goods – that was my main intention – to propose to come down to zero tariffs on industrial goods.”
“We have decided to strengthen our cooperation on energy. The European Union will build more terminals to import liquefied natural gas from the U.S. This is also a message for others.”
As far as agriculture is concerned, the European Union promised to import more soybeans from the U.S. and agreed to work together on the reform of the WTO.
“This of course is based on the understanding that, as long as we are negotiating, unless one party would stop the negotiations, we hold off further tariffs and we reassess existing tariffs on steel and aluminium,” Juncker added.
