The United States and the European Union announced Wednesday they are working towards a “zero tariffs, zero non-tariff barriers, zero subsidies on non-auto industrial goods” trade agreement. The announcement came during a last minute press conference between President Donald Trump and European Commissioner Jean-Claude Juncker.
Critics have argued new international tariffs by the Trump administration would create a trade war that US citizens would feel the brunt of, while Trump maintained his hard ball tactics would bring more fair trade agreements for the American people.
Today’s announcement may just prove Trump right.
“Already today the United States and European Union have a $1 trillion bilateral trade relationship, the president saud during the Rose Garden press conference. “The largest economic relationship anywhere in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens.”
Trump added, “This is why we agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.”
The president went on to say the two are working to reduce barriers that increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans. “Soybeans is a big deal ad the European Union is going to start almost immediately to buy a lot of soybeans,” he said.
Watch the historic moment here: