President Donald Trump on European trade deal: I’d be surprised if we have to implement tariffs Description video: President Donald Trump sits down for an interview with CNBC’s Joe Kernen from the World Economic Forum in Davos, Switzerland.\n\nThe European Union […]
President Donald Trump on European trade deal: I’d be surprised if we have to implement tariffs
President Donald Trump sits down for an interview with CNBC’s Joe Kernen from the World Economic Forum in Davos, Switzerland.\n\nThe European Union has “no choice” but to negotiate a new trade deal with the U.S., President Donald Trump told CNBC on Wednesday.\n\nThe president met with European Commission President Ursula von der Leyen at the World Economic Forum in Davos, Switzerland on Tuesday, and told CNBC’s Joe Kernen that the pair had a “great talk.”\n\nAmid ongoing informal discussions, Trump has threatened to slap tariffs on European cars in a bid to strong-arm EU leaders. In yesterday’s meeting, he claimed to have told von der Leyen that absent a trade deal, he would need to “take action” in the form of “very high tariffs on their cars and other things.”\n\nTrump said that Europe has been “very tough to deal with” and had “taken advantage” of the U.S., but suggested that the bloc now has “no choice” but to make a deal.\n\n“We’ve had a tremendous deficit for many, many years — over $150 billion with Europe,” he said, adding that he would be “very surprised” if he did have to implement the tariffs.\n\nThe U.S. goods and services trade deficit with the EU was $109 billion in 2018, according to the Office of the U.S. Trade Representative.\n\nU.S. exports of goods and services to the EU supported an estimated 2.6 million jobs in 2015, according to the latest available data from the U.S. Department of Commerce.\n\nJuncker was ‘impossible’\n\nTrump had agreed with von der Leyen’s predecessor Jean-Claude Juncker back in 2018 to start negotiations on a new trade deal to avoid imposing tariffs.\n\nThe EU has since agreed on a new negotiating mandate to begin those trade talks, but the U.S. has yet to signal a readiness to start those meetings.\n\n“I wanted to wait until I finished with China, I didn’t want to go with China and Europe at the same time,” the president told CNBC.\n\n“And quite frankly, Jean-Claude was a friend of mine but he was impossible to deal with. I wanted to do Mexico and Canada first. Now they’re all done and we’re going to do Europe.”\n\nTrump also confirmed that negotiations are under way with U.K. Prime Minister Boris Johnson on a potential bilateral trade deal, with the U.K. set to leave the EU on January 31.\n\n“Boris and I are friends, and he wants to make a deal and that’s okay with me. They want it, they need it,” Trump added.\n\nAny trade agreement between the U.S. and the U.K. could only enter into force at the end of the transition period with the EU, currently set to last until the end of 2020.\n\nFor access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=youtube\n \n» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision\n» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC\n» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic\n \nTurn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.\n \nConnect with CNBC News Online\nGet the latest news: http://www.cnbc.com/\nFollow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC\nFollow CNBC News on Facebook: https://cnb.cx/LikeCNBC\nFollow CNBC News on Twitter: https://cnb.cx/FollowCNBC\nFollow CNBC News on Instagram: https://cnb.cx/InstagramCNBC\n \n#CNBC\n#CNBC TV
Trump will not impose trade duties on European cars, Juncker said
According to Jean-Claude Juncker, former president of the European Commission, the United States will not impose trade duties on European cars next week..
US President Donald Trump must decide by November 13 whether to apply the new duties to European automakers. Trump said in May that importing European cars into the United States poses a national security threat to the United States..
In an interview with the German newspaper Sueddeutsche Zeitung, Juncker, who heads the EU’s executive body, said Trump would not accept new trade tariffs..
«Trump will be a little annoying, but there will be no car trade duties», – Juncker said in an interview.
Trade relations between the US and the EU have been strained since Trump came to power and concluded negotiations on a trade deal with Europe that was pursued by the previous US administration. In addition, Trump announced new trade duties on steel and aluminum from Europe last year. A few months later, the EU retaliated with tariffs on US goods worth € 2.8 billion.
Most recently, the US announced trade duties for $ 7.5 billion on European goods in October. The decision was related to a dispute in the World Trade Organization (WTO) over airline subsidies..
CNBC reported that EU Trade Commissioner Cecilia Malmstrom and Robert Lighthizer, US Trade Representative, spoke on transatlantic trade issues in a phone call last month – for the first time since the latest round of tariffs on US goods in Europe..
US Commerce Secretary Wilbur Ross told the Financial Times last month that new talks with Europe could be an alternative to the introduction of new duties on cars in November..
White House Friday morning was not available for CNBC comment.