There was much pessimism going into today’s meeting between US President Trump and EU Commission president Jean-Claude Juncker that any deal could be announced.
In fact, according to an analysis released earlier today by SGH Macro Advisors, hopes of anything tangible being announced are slim to none, as EU officials were dampening expectations right ahead of the widely anticipated summit over auto and trade tariffs between Trump and Juncker.
From what we understand, the EU is not coming with any “substantial offer” to Washington, but rather with some broad proposals intended to keep a dialogue alive and to avoid further escalation. EU officials are concerned about the raising of expectations last week by National Economic Council Director Larry Kudlow, and they see his comments to some extent as “bullying tactics” to pressure them into concessions in the negotiations.
And yet, according to Dow Jones and Reuters, Trump has managed to secure concessions to avoid a trade war.
- EUROPEANS AGREE ON LOWERING INDUSTRIAL TARIFFS – EU OFFICIAL
- EU AGREES TO IMPORT MORE U.S. SOYBEANS – EU OFFICIAL
- TRUMP SECURES CONCESSIONS FROM EU TO AVOID TRADE WAR; EU AGREES TO IMPORT MORE SOYBEANS, LOWER INDUSTRIAL TARIFFS, WORK MORE ON LNG EXPORTS – CNBC CITING DOW JONES
Stocks are surging on the news:
Watch the press conference live below:
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