US President Donald Trump called today a "very big day for free and fair trade" as he and European Commission President Jean-Claude Juncker promised to ease trade tensions.
Speaking from the White House lawn on Wednesday, Trump said the US and the EU had agreed to work towards zero tariffs, barriers and zero subsidies on non-auto industrial goods.
"We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans," he said with Juncker by his side.
The European Commission leader added the US would hold off on further tariffs while trade negotiations were taking place.
“We had the intention to make a deal today and we made a deal today,” said Juncker.
Trade experts hope this meeting will help stave off Trump’s plans for a 25% US tariff on imported cars and parts and start a process for US allies to begin reducing automotive tariffs.
"We're going to do a lot better after this deal and other deals we're working on," said Trump.
Re-watch Trump and Juncker's joint statement to the press here.