US' Trump, EC's Juncker say they agree to work toward 'zero tariffs'

Trump administration announces $12 billion 'bailout' for farmers

On Tuesday, the United States president suggested in a tweet that "both the USA and the European Union drop all Tariffs, Barriers and Subsidies!"

He has slapped taxes on imported steel and aluminium, saying they pose a threat to U.S. national security.

Critics of the agreement were especially miffed that existing steel and aluminium tariffs will remain in place despite the White House meeting. Now, the goal with the European Union is zero tariffs on industrial goods, with the exception of cars.

Whatever progress was achieved on Wednesday could provide some relief for USA carmakers.

"Each side, the Europeans and the Americans, must find something in these discussions". General Motors slashed its outlook, and shares of Ford Motor Co. and auto parts companies have fallen.

"Our biggest exposure, our biggest unmitigated exposure, is really steel and aluminum when you look at all of the commodities", GM CEO Mary Barra said Wednesday.

While an additional 25% tariff on about US$34 billion worth of Chinese goods has been effective since early July, duties on an additional US$200 billion of Chinese goods are set to be enacted in August.

China has counterpunched with tariffs on American products, including soybeans and pork - a shot at Trump supporters in the US heartland.

The president also talked of imposing 20 percent tariffs on European cars imported to the US, causing Juncker to consider further retaliatory tariffs, totaling $20 billion.

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"It's hard to predict how this trade war will develop and to what extent", Du Wanhua, deputy director of an advisory committee to the Supreme People's Court, said. We paid $1.5 billion in duties on Chinese footwear a year ago alone.

With a White House that frequently changes course, and on the spur of a moment, economic analysts hesitated to cast any definitive judgement on the Trump-Juncker detent. Pat Roberts, R-Kan.

"[Trump]'s a great negotiator, he did a good job", said Rep. Roger Williams, R-Texas about the move to soften the administration's stance on some goods. But they said the breakthrough announcement was a step in the right direction. "We said, 'We haven't seen it yet, because your people are still negotiating among themselves'".

Ivanka Trump says it will help 11 million students and workers across the country acquire the technical skills they need to thrive in an increasingly digital economy.

His state has also been affected by retaliatory tariffs from the European Union on bourbon, and Barr said he didn't feel satisfied by the amount of specificity in Thursday's briefing on whether that would also be resolved soon.

Trump had pressed European leaders hard on trade in recent weeks, including during his meetings with North Atlantic Treaty Organisation allies in Brussels. "It would be around $20 billion", Malmstrom told Swedish newspaper Dagens Nyheter on Wednesday. He has also threatened to slap tariffs on imported cars, trucks and vehicle parts, potentially targeting imports that past year totalled 335 billion dollars (£254 billion).

But winners from the trade war have been few and far between, especially in the Midwest.

The outcome seemed a victory for Mr. Trump, who had assured supporters that his confrontational trade strategy would bear fruit, and who appears to have conceded little in the talks with the EU. Last week, Trump said he was ready to impose a "tremendous retribution" against the EU.

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