Carmakers surge after Trump agrees to put auto tariffs on hold

Robert Sakata

Declaring a "new phase" in relations, Mr Trump said the USA and European Union agreed to "work together toward zero tariffs" on non-auto industrial goods, while the European Union would import more American natural gas and soybeans.

They also agreed to increase trade in services and agriculture, including greater USA soy bean exports to the EU.

Juncker said he had an "intention to make a deal today and we made a deal today". Today's agreement specifically deals only with "non-auto industrial goods" but Juncker and his team have been hammering the point that they hope/expect that no further tariffs will be imposed by either side so long as negotiations are ongoing.

"I would say most producers feel like they would rather not have the help, but if that (the trade war) is what they're going to do, we're at least glad that they're stepping in", Nichols said.

While the European Union agreements to buy more US soybeans and energy were tangible, the bigger result of the meeting may have been the retreat from the threat of a full-scale trade war between the two sides.

Trump on Wednesday was to meet European Commission President Jean-Claude Juncker, who has dampened hopes that their talks would resolve the trade dispute.

A senior European official told Fox News ahead of the meeting between Juncker and Trump that the aim of the meeting was to build on a conversation the two had at a G7 summit in Canada last month and to work out what exactly the US wants.

The US President's comments came after a meeting with European Commission President Jean-Claude Juncker amid pressure in the US over the impact tariffs are having on the country's farmers after he unleashed a trade war. And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.

Nebraska senators react to $12B plan to assist farmers affected by tariffs

"We have identified a number of areas on which to work together", Juncker said at the joint conference.

He has slapped taxes on imported steel and aluminum, saying they pose a threat to USA national security.

"What I want to see the office of the U.S. Trade Representative sitting down with representatives from all our trade partners all over the world with constructive conversation".

Two days before President Trump is to face farmers in Iowa, the administration announced on Tuesday it would spend up to $12 billion, with the largest share going to row crop and livestock producers, to offset the impact of the tit-for-tat tariff war facing US exports.

After the meeting, the US President tweeted: "Great to be back on track with the European Union". In May, Trump abandoned a framework for trade negotiations with China within days of it being announced, before ratcheting up tariffs. Lost $817 Billion on Trade a year ago.

"They sold it as something very positive, but for me the announcement is not as big for now, because it's kind of a semi-truce", Marie Kasperek, associate director of the global business and economics program at the Atlantic Council, said by phone.

"The steel and aluminum tariffs remain in place and investigation on autos will continue", Ross said during an interview on Wednesday.

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