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US, EU agree to work towards lower trade barriers

US, EU agree to work towards lower trade barriers

The US and the European Union made a deal, according to Donald Trump. Both sides have agreed to do their best to low trade barriers and to avoid trade wars, Evening Standard said.

Donald Trump and European Commission chief Jean-Claude Juncker met on Wednesday and discussed the trade issues. The trade agreements come amid heightened tensions between the US and EU, both sides are going to work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods. Mr Juncker thanked the American president and hailed heir good and constructive dialogue.

Trump and Juncker also agreed to increase trade in services and agriculture, including greater US soybean exports to the EU. Following what the US leader called a “very big day for free and fair trade”, they will now work to resolve their current dispute after Donald Trump slapped tariffs on steel and aluminium imports.

Speaking at a joint press conference with Mr Juncker on Wednesday, the US president said the deal will lead to greater prosperity in both the US and the EU. After the meeting with journalists, Donald Trump added that the US and EU have some tariffs that are retaliatory and that will get resolved as part of what both sides are doing.

“We’re starting the negotiation right now, but we know very much where it’s going,”

Trump assured after talks with European Commission chief Jean-Claude Juncker.

The EU would increase purchases of liquefied natural gas (LNG) from the United States, President Trump said, making them a “massive buyer”. Trump added that there would be an increase on trade in services and agriculture.

The pair also agreed to hold off imposing any further tariffs while negotiations take place, and to work towards reform of the World Trade Organisation.