Leibowitz on Trade: Finally, a Good Day?

Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington:

Finally, a good day? President Trump and European Commission President Jean-Claude Juncker met Wednesday at the White House and issued a joint statement on their agreement to negotiate reductions in barriers between the U.S. and the EU. The two leaders said at an impromptu press conference that, while negotiations were continuing, neither side would impose new tariffs. This seems to exempt the EU from any new “national security” tariffs on autos and auto parts. Other aims were zero tariffs on industrial goods, and no subsidies on non-auto industrial goods. Soybeans were specifically mentioned in the joint statement, which is significant because of the serious criticism the administration has faced from ag-state members of Congress over Chinese retaliation against U.S. agricultural exports, hitting soybeans particularly hard.