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Soyabeans deal brings transatlantic trade truce

[ July 26, 2018   //   ]

The US and EU reached kissed and made up in their trade war at a meeting between US President Donald Trump and European Commission president Jean-Claude Juncker in Washington on 25 July.

President Trump agreed not to impose tariffs on car imports for Europe in exchange for a deal that would see the EU agreeing to step up its purchases ofsoyabeans and liquefied natural gas from the US. Trump also suggested that he would “resolve” the tariffs on steel and aluminium from the EU that sparked the current spat over trade.

Trump said that the US and EU would “work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods” – a complete turnaround to his earlier assertions that “trade wars are good”,

Trump described the outcome of the talks as a “breakthrough” while Juncker’s response was a measured “everything is more or less OK”.

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