Juncker: EU, US to meet next month over trade tensions

Juncker: EU, US to meet next month over trade tensions

Juncker: EU, US to meet next month over trade tensions

"We love the countries of the European Union".

Trump's moves to start trade wars, which he predicted would be "easy to win", have drawn condemnation and retaliatory tariffs worldwide.

He noted that he was not given an European Union message to relay to Trump, noting his visit is done in the context of bilateral relations between the U.S. and the Netherlands. The consensus was that U.S. tariffs imposed on imports of steel and aluminium were unjustified and should be challenged by the European Commission, with duties levied against U.S. products in the meantime.

He told them: "Despite our tireless efforts to keep the unity of the West, transatlantic relations are under vast pressure due to the policies of President Trump". Unfortunately, the division went beyond trade.

Belgian prime minister Charles Michel indirectly criticised Trump's "America first" policy.

While pledging to stand up to Trump on trade, and amid a separate US commercial dispute with China over intellectual property, the European Union leaders on Friday also made a decision to push for improvements in the way the WTO operates.

However, he noted that the broader EU-US trade relation would obviously be mentioned when talking about the Dutch-US trade relation. The EU, along with China, have implemented their own increased charges on United States imports in retaliation to the behaviour of Trump.

The Trump administration on June 1 followed through on its threat to implement tariffs on European exports of aluminium and steel.

However, while the European Union leaders underlined "the importance of preserving and deepening the rules-based multilateral system", they also acknowledged that the functioning of the World Trade Organization (WTO) needed to be improved.

As with most developments during Trump's presidency, it's likely that the markets will prove to be surprisingly resilient.

Probably the most significant legal challenge Trump has faced from a company is the action taken by the American Institute for International Steel, which wants the President's actions to be deemed unconstitutional. This surge in prices will be passed onto consumers, which could make investors nervous. Whether you think prices are going up or down, Tradefair lets you take a view.

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