Important meeting between Trump and Juncker strike Zero Tariffs

The United States and European Union have agreed to establish an environment of zero tariffs. The U.S President Donald Trump and the President of European Commission Jean-Claude Juncker said in a surprise announcement in the Rose Garden of the White House that they have reached an understanding on decreasing barriers between both sides. It is important that their annual trade in goods and services is estimated at least 1 trillion U.S dollars. The U.S President said that they have agreed today working together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods. They will also work to decrease barriers and increase trade in chemicals, medical products, pharmaceuticals, soybeans, and services. He added that it was a big day for free and fair trade.

Juncker said that he had the objective in making a perfect deal today and a deal has been finalized. He added that the negotiations were ongoing and they will hold off on further tariffs and be reviewing existing tariffs on steel and aluminum. Both sides have agreed that the European Union should enhance its imports of soybeans and liquefied natural gas. The U.S President Trump said that they have set out to launch a new phase of the good relationship between the United States and the European Union. He added that both sides will win the strong trade relationships. Point to be noted that the import of soybeans is a boost to American farmers because prices were decreased after China swiped a retaliatory tariff on American goods including soybeans, following the U.S tariffs on aluminum and steel. The United States has been losing hundreds of billions of U.S dollars in trade for years with the European Union.