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One soy bean at a time; easing trade relations between the US and EU

Aug 01, 2018

On July 25 U.S. President Trump and President of the EU Commission, Jean-Claude Juncker announced they are working in close dialogue to attempt to relax trade tensions between the EU and the United States. The United States and the EU agreed to conduct negotiations to remove transatlantic trade barriers and not to impose additional tariffs while these talks are ongoing.

In the joint statement, the parties committed to work toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods. They further pledged to work to increase trade in services, chemicals, pharmaceuticals, and medical products. Specifically, Trump and Juncker energetically announced that the EU will increase its imports of U.S. soybeans and liquefied natural gas (LNG). As Trump states “Soybeans is a big deal” and that the “EU very much would like to diversify their energy supply”.

To guide the process, the two parties established an executive working group to carry the work forward.

The U.S. tariffs on EU steel and aluminum remain in place for now, as do the EU’s retaliatory tariffs on select U.S. exports. Although, on a positive note, the parties expressed a desire to resolve those tariffs.

“Already today, the United States and the European Union have a trillion bilateral trade relationship — the largest economic relationship anywhere in the world.  We want to further strengthen this trade relationship to the benefit of all American and European citizens.”
–U.S. President Donald Trump


Sources:

“Remarks by President Trump and President Juncker of the European Commission in Joint Press Statements” Whitehouse Press Release
https://www.whitehouse.gov/briefings-statements/remarks-president-trump-president-juncker-european-commission-joint-press-statements/
“U.S., EU Declare Trade Ceasefire, Pledge New Talks” United States Chamber of Commerce, International Affairs Division
https://t.e2ma.net/webview/gy8m5/7222d62e8b6af132eb4fb987dc8a2ec5

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