"We met right here at the White House to launch a new phase in the relationship between the United States and the European Union - a phase of close friendship, of strong trade relations", U.S. leader Donald Trump said, unveiling the accord next to European Commission president Jean-Claude Juncker.
The deal involved the European Union importing more US soybeans, lowering industrial tariffs and working on an agreement to import more liquified natural gas (LNG) from America, according to a Dow Jones report.
Trump also touted the open markets he hoped to reach for Europeans to import food from the U.S.
Mr Juncker said the two sides agreed that as long as they were negotiating on trade, they would hold off on further tariffs, including potential USA tariffs on cars and auto parts.
"I had the intention to make a deal today, and we made a deal today", Juncker said.
On Wednesday, Trump and Juncker said they have agreed to work toward "zero tariffs" and "zero subsidies" on non-automotive goods.
"This was a very big day for free and fair trade", Trump said during a hastily scheduled joint appearance in the White House Rose Garden with Juncker, hailing a "new phase" of trade relations with the EU.
Top Brussels official Jean-Claude Juncker, known for his somewhat eccentric behavior, has given Donald Trump an unusual gift - a photo of a cemetery.
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Speaking to the media, Mr Juncker said: "We are close partners, allies, not enemies".
Trump has in recent months engaged in a multifront trade confrontation, imposing steep tariffs on steel, aluminum and tens of billions of dollars in Chinese goods, which sparked swift retaliation against key United States farm products like soy and pork. Earlier this month, the president imposed 25 percent tariffs on $34 billion of Chinese goods, with similar penalties on an additional $16 billion worth of products expected to go into effect shortly and he's threatened levies on an additional $200 billion of Chinese products in the next month.
"Dear Donald, let us remember our common history", a message written on the photo said, according to Juncker.
Trump has placed tariffs on imported steel and aluminium, saying they pose a threat to U.S. national security, an argument that the European Union and Canada rejects.
The U.S. Department of Agriculture announced $12 billion in aid this week to help farmers hurt by retaliation to the Trump administration's tariffs on foreign goods.
While EU officials had threatened immediate retaliation to any auto tariffs, and said they would not negotiate with Washington under duress, they seem to have chose to appease the irascible United States leader. He's felt the impact of the trade wars directly as milk prices plummeted again this year following a long downward slide. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs", Mr. Trump wrote.
"This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches", Sasse said in a statement Tuesday.
USA import tariffs of 25% on steel and 10% on aluminium, implemented in March, will remain in place during the talks. "The nation's agriculture sector has seen prices drop and supplies pile up as other countries impose tariffs to counter Trump's actions".
Three of the world's biggest vehicle makers have claimed that trade policy changes are having a negative impact, with Ford, General Motors and Fiat Chrysler Automobiles all reporting lower profit or revenue forecasts.