- European Commission President Jean-Claude Juncker agreed with President Trump in July last year to put new tariffs aside and to work towards lowering ongoing duties.
- Their deal to work towards reducing taxes to zero brought some relief to the table last year. However, more than six months since their meeting in Washington, it is still unclear what’s the way forward.
There’s a lot happening behind the scenes to ensure the U.S. and the European Union reach a trade deal, the Dutch prime minister told CNBC Monday.
Both sides of the Atlantic have been at odds regarding international trade ever since President Trump took power in January, 2016. In particular, Trump threatened last year to impose tariffs of up to 25 percent on European cars – a highly sensitive topic for European officials. The EU is the largest exporter of motor vehicles in the world, whereas the United States is the largest importer of motor vehicles in the world. Car tariffs could be a massive risk to the European economy.
In an attempt to calm down the trade tensions, European Commission President Jean-Claude Juncker agreed with President Trump in July last year to put new tariffs aside and to work towards lowering ongoing duties. Earlier last year, the U.S. had raised taxes on steel and aluminium from Europe.
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