US and EU reach agreement on trade
US and EU reach agreement on trade
8m ago 16:51
It’s official: The European Union and the United States have reached an agreement that may calm fears of a trade war between the two sides.
The breakthrough was reached during Jean-Claude Juncker’s talks with Donald Trump at the White House. It will see Europe import more energy, and soy beans, from America -- as well as a new push to lower trade barriers.
In a statement, the EU says it agreed four key points with the US today:
First of all, 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 United States and the European Union. It will also make trade fairer and more reciprocal.
Secondly, we agreed today to strengthen our strategic cooperation with respect to energy. The European Union wants to import more liquefied natural gas (LNG) from the United States to diversify its energy supply.
Thirdly, we agreed today to launch a close dialogue on standards in order to ease trade, reduce bureaucratic obstacles, and slash costs.
Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices. We will therefore work closely together with like-minded partners to reform the WTO and to address unfair trading practices, including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state owned enterprises, and overcapacity.
More to follow!
https://www.theguardian.com/business...-business-live
