President Trump scored a “major win” by reaching a limited trade deal Wednesday with the European Union, which made a “major concession” to the United States to avoid a trade war.
That’s according to business news anchor Neil Cavuto of Fox News — who just last week blasted President Trump over his press conference with Russian President Vladimir Putin in Helsinki, Finland.
Amidst recent tariffs and tensions, European Commission President Jean-Claude Juncker arrived at the White House with two options for a deal to avoid a wider trade war, according to ABC News: “eliminate tariffs on cars for all trading partners or create a limited free trade agreement between the U.S. and EU on industrial goods.”
Trump opted for the latter — and secured Europe’s agreement to buy more American soybeans and liquified natural gas (LNG). The two also announced that they would begin “to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” in Trump’s words.
European Commission Pres. Jean-Claude Juncker: "When I was invited by the president to the White House, I had one intention: I had the intention to make a deal today. And we made a deal today." https://t.co/NkJuIoh4fP pic.twitter.com/xR3SI8OK4L
— ABC News (@ABC) July 25, 2018
— QuickTake by Bloomberg (@QuickTake) July 25, 2018
The Dow Jones Industrial Average jumped on the news, which was seen as a major win for Trump’s gamble of using tariffs, tweets, and threats to extract concessions from U.S. trading partners.
This is a dramatic, a stunning development, on trade … The Europeans, it might be deemed, have blinked. They have made concessions to President Trump … to meet the president’s demand that lifts tariffs that are already in effect against the European Union. This is a major win for President Trump. It is a major concession on the part of the European Union … A few hours ago, they were pooh-poohing — all the major publications … for the President of the United States, a win, and a big one, economically.