In a joint statement, they say that both sides intend to dismantle tariffs and other trade barriers on numerous industrial products. Together they aim to address unfair trade practices and aim to reform the World Trade Organization (WTO). The EU pledged to import more American liquefied natural gas (LNG) and soybeans.
A working group comprising close advisors of the European Commission President Jean-Claude Juncker and the American President Donald Trump is now to push ahead with the agreements and identify short-term measures to foster economic exchange.
Peter Altmaier says trade war has been averted
The German government welcomes "the agreement on a constructive approach to trade" in the words of deputy government spokesperson Ulrike Demmer. "The European Commission can continue to count on our support."
Federal Minister for Economic Affairs Peter Altmaier praised the agreement on Twitter, and said that Donald Trump and Jean-Claude Juncker had averted a trade war.
Federal Foreign Minister Heiko Maas declared, "Yesterday, Europe demonstrated that it will not let itself be divided. And we have seen that when Europe presents a common front our word carried some weight."