https://www.wsj.com/articles/some-good-trade-news-1532560648
The meeting on trade Wednesday between President Trump and European Commission President Jean-Claude Juncker had all the makings of a potential crackup, but in the event it provided the best economic news in weeks. Financial markets were clearly pleased, as stocks rose across the board before the closing bell on the statements by the two presidents after their White House session. Call it a relief rally.
The two sides essentially declared a tariff truce, pending negotiations on a larger trade deal between the 28-nation European Union and the U.S. Mr. Trump agreed to step back from his threat of 25% tariffs on European car imports, while the two sides pledged to resolve the current U.S. steel and aluminum tariffs and Europe’s retaliatory levies on U.S. goods.
Europe also agreed to buy more soybeans immediately, and much more liquefied natural gas from the U.S. in the future as its import capacity expands. U.S. LNG export capacity is expected to nearly triple by 2020 to 9.6 billion cubic feet a day, as more export terminals come online and the fracking boom continues.
