US, EU agree to iron out trade dispute through talks

Washington, Jul 26 (PTI): | Publish Date: 7/27/2018 12:41:17 AM IST

 In a significant development, the US and the European Union have agreed to iron out trade dispute through negotiations and put on hold the tariff war while they talk through their differences. 

The move came after a meeting between US President Donald Trump and European Commission President Jean-Claude Juncker.  Addressing a joint press conference in the Rose Garden at the White House, the two leaders agreed to begin discussions on eliminating the tariffs and subsidies that hamper trade across the Atlantic.  “We met right here at the White House to launch a new phase in the relationship between the US and the European Union -- a phase of close friendship; of strong trade relations in which both of us will win; of working better together for global security and prosperity; and of fighting jointly against terrorism,” Trump told reporters. 
This is a significant development because the US and the EU together count for more than 50 per cent of the global GDP.   “Together, we are more than 50 per cent of trade. If we team up, we can make our planet a better, more secure and more prosperous place,” Trump said.
The US president said both the parties have agreed to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods.  
“We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans...This will open markets for farmers and workers, increase investment, and lead to greater prosperity in both the US and the EU,” he said. “It will also make trade fairer and more reciprocal,” Trump added. 
The two sides also agreed to strengthen strategic cooperation on energy. “The EU will build more terminals to import liquefied natural gas from the US,” Juncker said.
They also agreed to work closely together to reform the World Trade Organisation (WTO) and to address unfair trading practices, including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state-owned enterprises and overcapacity. 


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