Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

Touting EU deal Trump claims Europe now'open to US farmers

"Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs".

Qualcomm needed Beijing's approval because China accounts for almost two-thirds of its revenue, but a deadline at yesterday in Asia passed without word from China's regulator. Qualcomm had said on Wednesday it was dropping the bid.

At a meeting in Washington on Wednesday, Juncker and Trump agreed the United States would hold back on threats to apply tariffs on the auto sector as the two sides conduct negotiations.

In return, "the European Union is going to start, nearly immediately, to buy a lot of soybeans ... from our farmers", Trump said.

Trump warned at a cabinet meeting last week that he would move forward with 25 per cent auto tariffs if the meeting with Juncker didn't go well.

The daily reports that on the whole, Trump ditched his argumentative approach, which he used during the G7 and North Atlantic Treaty Organisation summits; instead, he was "charming, well-briefed" and "made an effort" to reach a deal.

"We will also resolve the steel and aluminium tariff issues", he added, reconsidering his attack, in March, on European Union metals exporters.

It remains to be seen if the surprise deal, which came together in just three and half hours of talks, will stand the test of time despite Juncker and Trump's "understanding".

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"Breakthrough achieved that can avoid trade war and save millions of jobs. Great for global economy", tweeted German Chancellor Angela Merkel's economy minister, Peter Altmaier. Whether any actual concessions have been made or will be made, a freeze on the spiral of tariffs on both sides is good news.

"I know that Trump's tariffs targeting China will have some effect, but we're not anxious at all, since we're producing foreign flags every single day", she said. The EU, naturally, disagrees, as evidenced by its complaint to the World Trade Organization.

Juncker said the United States had agreed to build more LNG export terminals to increase supplies to Europe.

In the unlikely event that Trump agrees, Juncker will suggest that significant makers of cars and auto parts, including Japan and South Korea, negotiate a multi-lateral agreement with the aim of reducing tariffs on those products to zero.

Trump will take his competitive approach on trade into a meeting Wednesday with European commission president Jean-Claude Juncker, who will come armed with proposals meant to appease the mad man behind the wheel.

He said: "Trump has achieved more in one day of trade negotiations with the European Union than May has in two years".

Perhaps Trump thinks that because he can impose tariffs on more goods than the Europeans, the US will win the game.

The official stressed on Thursday that Trump retained the power to implement tariffs on cars if needed and said there was no deadline for the completion of talks. Similar negotiations were already underway for several years as part of the Transatlantic Trade and Investment Partnership during the Obama administration; however, they were halted indefinitely in late 2016.

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