Washington, DC - "We met right here at the White House to launch a new phase in the relationship between the United States and the European Union." ~ President Donald J. Trump
FREER, FAIRER, AND MORE RECIPROCAL TRADE: President Donald J. Trump announced a new phase of transatlantic trade so both sides can win and the world can prosper.
- President Trump and European Commission President Juncker agreed to the following 4 principles to negotiate freer, fairer, and more reciprocal trade:
- Working toward zero tariffs, zero non-tariff barriers, and zero subsidies;
- Increasing United States energy exports to Europe;
- Reducing bureaucratic obstacles; and
- Reforming the World Trade Organization (WTO) and addressing unfair trade practices.
- Strengthening and reforming our trade relationship is critical to both economies and will lead to greater prosperity.
- The United States and the European Union (EU) have the largest economic relationship in the world, accounting for $1 trillion in bilateral trade and 15 million jobs.
- The United States and the EU account for almost 50% of global GDP.
FOUR TRADE PRINCIPLES: High-level trade negotiations will follow the 4 principles agreed to by President Trump and President Juncker.
- First, we will work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-automotive industrial goods. In addition:
- The EU will also reduce barriers and increase trade of American soybeans.
- Both countries will work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, and medical products.
- Second, the United States will make it easier for the EU to purchase liquefied natural gas.
- This will help diversify Europe’s energy supply and strengthen the strategic cooperation between America and Europe.
- Third, we will seek to reduce trade and bureaucratic obstacles between the United States and the EU to slash costs dramatically.
- Both sides agreed to launch a close dialogue on standards and regulations to promote trade, reduce bureaucratic obstacles, and dramatically slash costs for exporters.
- Fourth, we will join forces with like-minded partners and address unfair trade practices.
- These unfair trade practices include intellectual property theft, forced technology transfer, industry subsidies, distortions created by state-owned enterprises, and industrial overcapacity.
NEXT STEPS: President Trump and President Juncker will ensure their closest advisors carry this agenda forward immediately.
- This is just the start of the conversation. Many other products and issues will be addressed.
- The United States and the EU will immediately set up an Executive Working Group to carry out this agenda.
- President Trump and President Juncker pledged that both countries would uphold the spirit of the agreement, unless negotiations were terminated.
- Discussions will include topics such as the United States steel and aluminum tariffs and EU retaliatory tariffs.