On Wednesday, President Trump won another major victory, as the European Union delegation meeting with him agreed to significant concessions to avoid a trade war.
Those concessions included lowering industrial tariffs on both sides, ratcheting up LNG exports and soy beans to Europe, and aligning regulatory standards so European markets would be more receptive to medical devices from America, according to The Wall Street Journal.
The European delegation included European Commission President Jean-Claude Juncker and his top trade official Cecilia Malmström. Car tariffs were also to be discussed. As The Journal noted, “Last week, Mr. Trump threatened ‘tremendous retribution’ if his meeting with the EU officials doesn’t lead to what he considers to be a fair auto-trade deal.”
The emphasis on soybeans comes as China has imposed tariffs on $34 billion worth of U.S. goods, including soybeans and pork.
In response to the announcement of European concessions, the stock market leaped upward. CNBC reported.