https://www.cnbc.com/2018/07/25/trump-we-hope-to-work-something-out-on-a-fair-trade-deal-with-europe.html
President Donald Trump on Wednesday said the United States and the European Union had launched a “new phase” in their relationship, saying that the two major economies would start negotiations immediately on a number of areas including working toward “zero tariffs” on industrial goods and further cooperation on energy issues.
“We agreed today first of all to work together towards zero tariffs, zero nontariff barriers and zero subsides for the non-auto industrial goods,” Trump said Wednesday.
The announcement came during a joint press fconference in the White House Rose Garden with Trump and European Commission President Jean-Claude Juncker.
Juncker said the two leaders agreed that as long as negotiations were ongoing, “we’ll hold off further tariffs and reassess existing tariffs on steel and aluminum” put in place by the Trump administration. “This was a good, constructive meeting,” he added.
The major averages rallied earlier in the day following a report in The Wall Street Journal stating that Trump had secured a number of concessions from the E.U.
The Dow Jones Industrial Average popped more than half a percent to a session high Wednesday afternoon. The NASDAQ rose about 1 percent. The euro also rose, hitting a session high against the dollar.
European Commission spokesperson Kinga Malinowska said that Juncker had not yet made any concessions.
“All I can say is that the talks are ongoing,” Malinowska said in a statement. “President Juncker is working to avert new tariffs. No concessions made.”
Trump said earlier on Wednesday, during a meeting with Juncker, that he hoped “to work something out on a fair trade deal with Europe.”