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U.S., EU Agree to Suspend Threat of New Tariffs
President Donald Trump and Jean-Claude Juncker, president of the European Commission, called a truce in the trade war between the U.S. and European Union late today and pledged to seek ways to lower tariffs on both sides.
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President Donald Trump and Jean-Claude Juncker, president of the European Commission, called a truce in the trade war between the U.S. and European Union late today and pledged to seek ways to lower tariffs on both sides.
The cease fire including an agreement than neither side will levy new tariffs as long as the two parties continue to negotiate. The pledge shelves—at least for now—Trump’s threat to impose a 20% import tax on European-made cars.
The two leaders say they will aim to resolve in due course the aluminum and steel tariffs Trump imposed in May, and the EU retaliatory levies on such products as motorcycles and whiskey that resulted.
Observers describe the agreement, reached during a three-hour meeting at the White House, as an encouraging first step. But Bloomberg notes that in May Trump abandoned a similar agreement to negotiate with China only days after announcing it.
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