U.S. and E.U. agree to work towards “zero tariffs”

Jul 26, 2018, 4:14 AM EDT
European Commission chief Jean-Claude Juncker hailed the concessions from U.S. President Donald Trump.
(Source: EU2017EE Estonian Presidency/flickr)

After weeks of a trade standoff that threatened escalate into a trade war, the U.S. and the E.U. struck a conciliatory tone on Wednesday after a meeting between President Donald Trump and European Commission chief Jean-Claude Juncker.

The two leaders jointly announced that both the sides have agreed towards building an environment for “zero” tariffs, barriers and subsidies, however, the statements lacked any details reflecting the fragile nature of the agreement, notes The Guardian.  

The thaw in the U.S.-E.U. relationship following weeks of stalemate came as a pleasant surprise but experts like Bart Oosterveld at the Atlantic Council thinktank cautioned, “The avoidance of disaster is not a success,” reports the BBC.