After a meeting between European Commission President Jean-Claude Juncker and Donald Trump today, Trump said the two agreed to work toward “zero tariffs, zero non-tariff barriers and zero subsidies” for non-auto industrial goods.
Additionally, Juncker said that as long as negotiations are ongoing, “we’ll hold off further tariffs and reassess existing tariffs on steel and aluminum” put in place by the Trump administration.
Details of any agreements reached are still unclear, but the deal to avoid further tariffs—including a proposed 25 percent tariff on auto imports from Europe—has been welcomed by the stock market, as news reports say major averages rallied Wednesday afternoon. Economists have said tariffs on cars could be a significant threat to the US economy.