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Jul 25, 2018

Trump secures concessions from Europeans to avoid trade war: DJ, citing EU official I CNBC

cnbc.com

Trump secures concessions from Europeans to avoid trade war: DJ, citing EU official

Christina Wilkie


President Donald Trump on Wednesday secured concessions from Europe, averting a trade war, the Dow Jones News Wire reported, citing a European Union official. The report came shortly before Trump and European Commission President Jean-Claude Juncker were scheduled to brief the press at a joint conference in the White House Rose Garden.
The market rallied on the news. The Dow Jones Industrial Average popped Wednesday afternoon, rising about half a percent on the news.
The Europeans agreed to lower industrial tariffs and import more U.S. soybeans, Dow Jones reported.
Trump said earlier on Wednesday said he hoped "to work something out on a fair trade deal with Europe."
Trump spoke during a meeting with Juncker, who made his first visit to the Trump White House on Wednesday.
Trump and Juncker both said their aim was to lower tariffs and trade barriers between the U.S. and Europe. "If we can have no tariffs, and no barriers and no subsidies, the United States would be extremely pleased," Trump said.
The president said he and Juncker were working to achieve a "reciprocal" trade relationship. "We're making tremendous strides," Trump said, "and we expect something very positive to take place."
In brief remarks, Juncker also stressed the importance of meeting face-to-face, and threw a subtle jab at Trump's habit of tweeting threats at U.S. trading partners. "I think we have to talk to each other, and not at one another," Juncker said. "That's what we'll do today."
On Tuesday, Trump wrote a tweet that could be seen as the president talking "at" the Europeans. "The European Union is coming to Washington tomorrow to negotiate a deal on Trade," he tweeted. "I have an idea for them. Both the U.S. and the E.U. drop all Tariffs, Barriers and Subsidies! That would finally be called Free Market and Fair Trade! Hope they do it, we are ready - but they won’t!"
Trump Tweet
Juncker's visit came during what many experts see as an historic low-point for U.S.-European relations, which have become frayed by Trump's trade wars, his fondness for Russian President Vladimir Putin and Trump's skepticism of multilateral institutions like NATO and the European Union.
In announcing Juncker's visit, the White House said in a statement on July 17 that the two men would discuss "a wide range of priorities, including foreign and security policy, counterterrorism, energy security, and economic growth," with a "focus on improving transatlantic trade and forging a stronger economic partnership."
Trump's own comments about Europe, however, have repeatedly stood in stark contrast to the White House message. "The European Union -- outside of China and a couple of others -- treats us, on trade, as badly as you can be treated," Trump said during a May visit from NATO Secretary General Jens Stoltenberg. "They have trade barriers. Our farmers aren’t allowed, to a large extent, to sell their product into the European Union.”
According to Trump's own Department of Agriculture, however, this is not true. On the contrary, the USDA reported that in 2017, American agricultural exports to the European Union totaled $11.2 billion, making Europe the fifth largest export market in the world for U.S. farmers.