In a surprise announcement last evening, Donald Trump and European Commission President Jean-Claude Juncker said they have reached an understanding to work towards eliminating tariffs and barriers on trade.
This development comes as Trump had threatened a 25 per cent tariff on European autos.
“We agreed today, first of all, to work together towards zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” said Trump, with Juncker by his side.
He added: “This was a very big day for free and fair trade.”
Juncker later told reporters that was a “major concession” on Trump’s part and that he expected the US president to follow through on it.
European governments and EU officials hailed the Trump-Juncker agreement as a major success.