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U.S., EU Agree to Halt New Tariffs, Hold Trade Deal Talks

Wednesday, August 1, 2018

(North American Meat Institute)

President Donald Trump and European Commission President Jean-Claude Juncker agreed to hold off imposing new tariffs and to launch trade negotiations aimed at reducing industrial tariffs, subsides and non-tariff barriers. The European Union (EU) agreed to import billions of dollars more in U.S. soybeans and liquefied natural gas, whereas the U.S. announced it would not move forward with plans to levy 25 percent tariffs on imports of European cars and auto parts. Both sides committed to working together to eliminate tariffs and other economic barriers on non-auto industrial goods and said they would halt implementation of future tariffs while they continue negotiations related to the U.S.’s worldwide steel and aluminum tariffs. The EU, however, indicated agricultural trade would not be addressed in upcoming talks.

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