Transcript for SPECIAL REPORT: Trump announces an agreement with European Union on some tariffs

This is an ABC news. George step. Good afternoon we're coming on the air right now because president trump is about thinking in the rose premiering scene with the president and European Commission arm but Yorker wrecked and actually deal. So many of our representatives are being here. Senator John Bozeman. John you're someplace. I John thank you. Senator Mike crepe well. Thank you Mike. Senator Steve Danes. Senator Hovan. Thank you the role here. Senator. Cyndi Hyde Smith Cindy thank you very much. Senator James Lankford. James thank you James. Senator Pat Roberts he loves those farms. He loves the farmers like I do. Representative Diane black eye and thank you. Representative Kevin Brady. With a new tax bill how's it coming Kevin good. Representative Mike Conner away Mike. Thank you Mike. Representative Dan Neil house. Thank you Dan. There. Representative. Kristi not. Have to call a governor now. It was a great win thank you Christi. Representative David reichert. David thank you. So in a big day Burbank. We met Brady aired the White House to launch a new phase in the relationship. Between the United States. And the European Union at phase of close friendship. Of strong trade relations in which both of us will win it's of working better together for global security and prosperity. And a fighting jointly against. Terrorism. The United States and the European Union together cat floor. More than 830. Million citizens. And more than 50% of the global. GDP in other words together where more than 50% of train. If we came up we can make our planet a better more secure and more prosperous place already today the United States and the European Union. Have a one trillion dollar bilateral trade relationship. The largest economic relationship anywhere in the world. We want to further strengthen this trade relationship to the benefit of all American. And European citizens. This is why we agreed today first of all. To work together toward zero tariffs. Zero non tariff barriers. And zero subsidies. Or non auto industrial goods thank you. Thank you. We will also work to reduce barriers and increase trade and services. Chemicals pharmaceuticals medical products. As well as soy beans soybeans is a big deal. And the European Union is going to start almost immediately. To buy a lot of soybeans are tremendous market. By a lot of soybeans from our farmers. In the midwest primarily. So. I thank you for that John to a this will open markets for farmers and workers increase investment. And lead to greater prosperity and both the United States. And the European Union and it will also make. Trade fair. And more reciprocal my favorite word reciprocal. Secondly we agreed to weigh strengthen. And strengthening. Of our strategic cooperation with respect to energy. The European Union wants to import more liquefied natural gas LNG. From the United States. And they're going to be a very very big buyer. We're going to make it much easier for them but they're going to be a massive fire of LNG. So they'll be able to diversify their energy supply. Which they want very much to do and we have plenty of it. Thirdly we agreed today to launch a close dialogue. On standards in order to ease stranded. Reduce bureaucratic obstacles. And slash. Costs dramatically. Fourthly we agreed to join forces to protect American and European companies. From better. And really better than ever we've we've never done like we're doing I can say from the standpoint of the United States. We've never done this well but we're going to do a lot better. After we do this deal. And other deals that we're currently working on likewise. The European Union is going to do a better. Stronger bigger. We will therefore work closely together. With like minded partners to reform the WTO. And to address unfair trading practices including intellectual property theft. Forced technology transfer. Industrial subsidies distortions. Created by state owned enterprises. And over capacity. We decided to set up immediately an executive working group of very intelligent people on both sides. BR closest advisors end they're going to carry out this joint. Agenda. In addition it well identifies short term measures to facilitate commercial exchanges. And assess existing tariff measures and what we can do about that to the betterment. Of both. While we are working on this we will not go against the spirit of this agreement. Unless either party terminates. The negotiation. So we're starting to negotiation right now but we know very much where it's going. We also will resolve the steel. And aluminum tariff issues. And we will resolve retaliatory. Tariffs we have some tariffs that are retaliatory. And that will get resolved as part of what we're doing. And with that giant lord please. Them. Resident dividend gentlemen. When I was invited its but pushed them for the White House. I had to run in country. I had to intention to make a deal and today and cremate indeed. To date we have identified and mumbo Farris blue ridge to work together. Work to a zoo looked hatteras on the industrial goods and that was my main intention to propose. To become dollar and whose Joel terrorists on the industrial goods. We've decided to strengthen. A local fruition on analogy that you would reduce more alternatives. To import liquefied natural and gusts. From the USDs is also a message for others. We. Agreed to establish a dialogue on stun us. As for us are Dick culture is concerns. You peeing union kind of important most of soybeans from the US and he could be don't. And view also agreed to a two got done on the reform. Of the DWT. These of course is soon. On the unless something that's. That's long that's been negotiating a less about coffee with the stopped in negotiations. For your load of further terrorists and commuters to reassess existing terrorists from steel and other means. Diesels agreements that constructive. Meeting think of them. We'll thank you very much. I just want to conclude by saying this was a very big day. For free. And fair trade very big day indeed thank you very much everybody thank you thank you. How does weintraub and present European commission's company worker Kirk. Announcing that they've reached some agreement on how to go forward entree don't want to bring in Terry Moran. Who's at the White House Terry listening to both leaders right there when it sounds like is actually. Agreement not a lot of concrete measures. Announced greater present although the Europeans said they're going to be buying more solely been put their basic and hold off on new tariffs and escalation. In the trade war as they talk about figuring out some way to get to zero tariffs and a new trading relationship. That's right this is a out as you say it's eight then ask operational deal they'd agreed to begin negotiations and work together towards. A regime of no tariffs on industrial goods between the United States and Europe that's what triggered this remember what what you've made president trump angry was that. This steel and aluminum protectionist measures in Europe he believed were hurting the industrial core the United States row which supported Hammond which he wanted to deliver something to. And that at least is what has begun here are Dave stop there's no question that Wall Street is relieved because the prospect of yet another trade war. Our president trump has won ongoing right now with China. One with Canada Mexico seems to be in the offering and there was one certainly cooking between the United States and Europe. They were the relief of that pressure sent the stock market skyrocketing today because. This is something we haven't seen from president trapeze he's willing to back down a little bit on his punitive. Protectionist agenda and at least agree to talk. Palin about a 150 points after word of the potentially criminally gonna rain terror upon merry. As long Washington has also done a lot of time covering the European Commission the European Union what a difference a couple weeks makes. Karen the president was in Europe about ten days ago Cong European Union. Yep that's right George and Jeanne Claude younger came to town ready to make a deal that yesterday when I spoke with US officials. They seemed reluctant that his plan which was to either offer. A smaller trade deal I'm just industrial products are get rid of tariffs altogether on cars would actually be something at the president. Would take to would be interested in any sounds like he is because he's been very adamant about saying he doesn't want. Terror is terror bears or. Subsidies but it seems that he was able to make. Some sort of deal to. And eventually what they really wanted was for him to come home saying that there will be no tariffs on cars the German carmakers or really nervous about that. And they wanted to make sure that President Clinton followed through on faces 25. Percent tariff on that but yet to it's a real change. From last week and it will see where this actually leads you as we know the the US and European Union before president terms of office was working on a really. Broad trans Atlantic. Trade agreement. And that fell apart that was one of the first thing that president Tom pulled out of when he became president. OK Kara thanks but for now no new terrorist president trump calls it a big day. At the White House announcing new trade talks with the European commission and the European mean we'll have much more and and a world news tonight we gave me her. I'll see him on June. This. Has been a special report from ABC.

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