New US-EU trade deal puts brakes on escalating tension

Trump I open up Europe for US farmers

The threat of a transatlantic trade war between the U.S. and Europe seems to have diminished following a successful meeting between Donald Trump and European Commission chief Jean-Claude Juncker last night.

To help farmers hurt by the trade war, the U.S. government announced a multi-billion dollar aid package for USA farmers.

US President Donald Trump and his administration applied "massive pressure" on the European Union to open up its markets to American agricultural products, the EU executive said in an interview in Brussels with Germany's ARD broadcaster.

President Donald Trump said in Iowa on Thursday that he just opened up the European market to US farmers. He wrote in a tweet that he is pleased to see strategic cooperation on energy at the top of the EU-US agenda and vowed to take this work forward with US Secretary of Energy Rick Perry.

There was an "understanding", the EU's Juncker said, that "as long as we're negotiating, unless one party would stop the negotiations, we will hold off further tariffs [on cars]".

More importantly, the "zero tariff" deal is without details. Trump urged Europe to opt instead for US LNG supplies.

"We will also resolve the steel and aluminium tariff issues", he added, reconsidering his attack, in March, on European Union metals exporters. We trade roughly one trillion dollars' worth of goods and services every year - that is almost a third of global trade.

First, we will work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-automotive industrial goods.

"Today's announcement demonstrates that bilateral negotiations are a more effective approach to resolving trade barriers, not increasing tariffs", the alliance said in a statement.

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The outcome seemed a victory for Mr. Trump, who had assured supporters that his confrontational trade strategy would bear fruit, and who appears to have conceded little in the talks with the EU.

Since March, the factory has churned out 90,000 of the beach towel-sized flags, an unusually large number for the normally slow season, said manager Yao Yuanyuan, who believes the looming US-China trade war is the reason.

US President Donald Trump and EC President Jean-Claude Juncker speak to the news media in the Rose Garden of the White House in Washington, US, July 25, 2018.

Mr Trump said Europe agreed to increase purchases of USA liquefied natural gas and lower trade barriers to American soya beans, aiding USA farmers and the energy sector.

During a speech to the Veterans of Foreign Wars, the president said the result of his trade policies will be positive.

"The idea that imports of steel or aluminium from your closest ally could threaten the national security of this country [as Trump had claimed] - this goes against all logic and against all history", Juncker said.

Juncker says he came to America to make a deal, which they've done.

France was one of the countries to immediately demand clarification after the talks, citing comments from Trump that the agreement would open up new markets for USA farmers.

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