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Another Trump Win? President Eases Car Tariff Threat as U.S., EU Launch Talks to Quell Trade Tensions

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President Donald Trump meets with European Commission president Jean-Claude Juncker in the Oval Office of the White House, Wednesday. Photo Associated Press)

LEARN MORE: Trump, EU envoy reach trade agreement to stave off car tariffs

Washington DC July 26, 2018; The AIADA newsletter reported that in what the EU chief called a "major concession," U.S. President Donald Trump agreed on Wednesday to refrain from imposing car tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war, reports Automotive News.

After a meeting at the White House, Trump and European Commission President Jean-Claude Juncker said the talks would also seek to "resolve" U.S. tariffs on steel and aluminum and Europe's retaliatory duties - marking a step back from Trump's signature import protections for American metals producers.

Europe has agreed to increase purchases of U.S. liquefied natural gas and lower trade barriers to American soybeans, aiding U.S. farmers and the energy sector, Trump said. AIADA responded to the news with optimism. "AIADA is pleased to see positive discussions between President Trump and the EU surrounding our trade differences," said AIADA President and CEO Cody Lusk. "As I've said in the past, no one wins a trade war.

While the President did not address the ongoing auto 232 investigation, AIADA's dealer members are optimistic that today's agreement will lead to progress in resolving auto trade differences, and continue to promote the principles of trade that have made the American auto industry so successful."