President Donald Trump on Wednesday won concessions from Europe.
“We want to further strengthen this trade relationship. We agreed today to work together toward zero tariffs, zero non-tariffs barriers, and zero subsidies on non-auto industrial goods,” Trump announced at a press conference on the White House lawn Wednesday.
Trump met with European Commission President Jean-Claude Juncker Wednesday to discuss trade.
“We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans,” Trump said. “The European Union is going to start almost immediately to buy a lot of soybeans.”
The agreement on soybeans could offset China’s attempt to harm U.S. farmers by subjecting them to tariffs. China has been the biggest market for U.S. soybeans.
“It will make trade fairer and more reciprocal,” Trump said. “This was a very big day for free and fair trade.”
Trump celebrated the deal on Twitter.
The United States and the European Union have a $1 TRILLION bilateral trade relationship – the largest economic relationship in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens… pic.twitter.com/4zlmEEtCpG
— Donald J. Trump (@realDonaldTrump) July 25, 2018
Prior to the official announcement, U.S. stocks jump after a report from the Wall Street Journal citing European officials said that the U.S. had won concessions from the E.U. The Dow Jones Industrial Average rose by more than 100 points. Earlier in the day, stocks had been mostly flat or down.
Before the closed-door meeting Trump said he was hopeful the meeting could reduce the need for tariff barriers.
“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.”
The Wall Street Journal reported that the European Union had agreed to import more U.S. soybeans, to work on ways to import more U.S. natural gas, and to lower industrial tariffs. They also agreed to align regulatory standards on medical devices in order to open the European market to U.S. made products, according to the Dow Jones sources.
Breitbart reported last week that White House economic adviser Larry Kudlow had told an investing conference that Junker was coming to the U.S. with an offer to reduce trade barriers.