Recently, US President Trump and the visiting European Commission President Juncker announced after the two-hour talks that the two sides will suspend mutual tariffs in the future. But for the first round of mutual enactment that has already taken effect in June this year. 4. The tariff measures did not reach any agreement between the two parties.
The two sides indicated that they will resolve trade differences through further consultations. The EU decided to increase the purchase of LNG and soybeans in the United States. The two sides also agreed to reduce the import tariffs on the industrial products produced by the other side. Trump said that the goal of both parties is to reduce the import of industrial products to zero. The level of tariffs, but he also specifically pointed out that this does not include automotive products.
US President Trump:
Today, both of us agree that we will work towards 'zero tariffs', zero tariff barriers in non-automotive industrial industries, zero subsidies.
Before the 25th negotiations, the United States threatened to impose a 25% tariff on cars imported from the EU, and the EU also announced that it would impose tariffs on US goods worth 20 billion US dollars (about 135 billion yuan). The tariffs imposed between the United States and Europe, which have already entered into force in June, have failed to reach a lifting agreement. In the joint communique, it was only mentioned in the last line, 'We are also working hard to resolve the tariffs on steel and aluminum and their retaliatory tariffs. On the same day, Juncker once again stressed at the press conference that there was no winner in the trade war.
European Commission President Juncker:
I have said it many times. There is no winner in the trade war. It will only leave scars. The failure of tariffs to protect national security will only undermine economic security.
In March of this year, US President Trump decided to impose tariffs on steel and aluminum products exported to the United States on the grounds of 'maintaining national security', which made the EU, which is an American ally, extremely dissatisfied. After that, the United States temporarily exempted EU steel and aluminum tariffs. However, from June 1st, the EU officially imposed 25% and 10% tariffs on steel and aluminum products exported to the US. Subsequently, the EU took countermeasures to add to the US exports of clothing, cosmetics, boats, motorcycles and other products. Revenge tariffs.