LONDON (Reuters) - Britain welcomed an initiative agreed between U.S. President Donald Trump and European Commission President Jean-Claude Juncker to cut trade barriers, easing the threat of a transatlantic trade war.

Trump said the talks would seek to “resolve” U.S. tariffs on steel and aluminum and Europe’s retaliatory duties.

“We welcome the agreement by the U.S. and the EU to work together to reduce barriers to trade and to further increase trade and investment,” Britain’s Department for International Trade said in a statement.

“We look forward to progress towards the removal of steel and aluminum tariffs and de-escalation of the tit-for-tat action that could harm businesses and jobs on both sides of the Atlantic.”