The goal, according to both men, will be tariff-free trade.
Following their meeting Wednesday, President Donald Trump and European Commission President Jean-Claude Juncker announced they had agreed to a trade deal that will eventually result in tariff-free trade between the U.S. and the European Union.
Juncker said he came to Washington, D.C., with one goal in mind: to “make a deal,” and the goal was met. He called his discussions with the president a “good, constructive meeting.”
The new agreement will result in a pathway to “zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.” Effectively, it means an end to any discussion of a second trade war opening up between the U.S. and EU.
The new trade deal, the president said, will strengthen that relationship to benefit all Americans and Europeans. Specific points of the agreement include:
• Trade barriers will be reduced immediately, opening up trade in services, chemicals, pharmaceuticals, medical products, and soybeans—which the EU will immediately begin buying, which will begin to offset losses from the trade war with China.
• The EU will open up more ports to American liquefied natural gas, which has been a long-term goal for President Trump, and had become a major sticking point following approval of the Nord Stream 2 pipeline project that will draw in Russian LNG.
• Greater cooperation on establishing standards that will further ease trade, reduce red tape, and cut costs for both sides.
• Working together to reform the World Trade Organization to better protect both sides’ companies from unfair trading practices, intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state-owned companies, and overcapacity “dumping”—a very clear blow to China.
Full article: Winning: Juncker Agrees on Trump Trade Deal (TruNews)