The U.S. and the EU announced today:
- To work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods. They also agreed to work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans.
- To strengthen their 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.
- To launch a close dialogue on standards in order to ease trade, reduce bureaucratic obstacles, and slash costs.
- They agreed “to join forces to protect American and European companies better from unfair global trade practices.” They agreed to work 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.
They will immediately set up an Executive Working Group of their closest advisors to carry this joint agenda forward. In addition, it will identify short-term measures to facilitate commercial exchanges and assess existing tariff measures. While we are working on this, we will not go against the spirit of this agreement, unless either party terminates the negotiations.
They also agreed to resolve the steel and aluminum tariff issues and retaliatory tariffs.