Trump makes ‘major concession’ on car tariffs in talks with EU’s Jean-Claude Juncker
He agreed to hold off on automotive tariffs while negotiations on other trade issues get under way, and the EU agreed to lower tariffs on US soybeans
Washington — US President Donald Trump made what European Commission president Jean-Claude Juncker chief called a "major concession" on Wednesday, agreeing to refrain from imposing car tariffs while the two sides launch negotiations to cut other trade barriers. The development lowers the threat of a transatlantic trade war, and sent European car shares firmer in early trade on Thursday. BMW climbed as much as 5.5% on Thursday and was up 2.5% in Frankfurt at 10.55am, Bloomberg reported. Volkswagen was 3% higher and Daimler was up 1.1%. Fiat traded 4% higher in Milan. A gauge of European companies in the automobiles and parts sector rose by 1.4%. After a meeting at the White House, Trump and Juncker said the talks would also seek to "resolve" US tariffs on steel and aluminium, and Europe’s retaliatory duties — marking a step back from Trump’s signature import protections for American metals producers. The breakthrough came as the bitter trade dispute between the US and China appeared ...
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