European Commission President Jean-Claude Juncker want have the “full backing” of the European Union as he works out a reasonable swop deal with President Donald Trump, former British Prime Consul Tony Blair told CNBC on Wednesday.
In joint news colloquy with Juncker on Wednesday afternoon, Trump announced an agreement “to enkindle together toward zero tariffs, zero nontariff barriers and zero subsides on nonauto industrial profits.”
The remarks came shortly after a report by Dow Jones that Trump closed concessions from Europe, averting a larger trade war. However, a European Commission spokesperson put no concessions were made but that talks were ongoing and that Juncker is developing to avert new tariffs.
“The important thing to understand about Europe is it’s a gigantic market, does immense amount of trade with America. It’s altogether important it protects that market but he will have the full investment of the European Union in taking a reasonable but still tough stand. And he’ll call for to make sure he’s representing European interests properly,” Blair spoke in an interview with “Closing Bell.” Blair spoke shortly in front the report of possible concessions by the EU.
Earlier in the day, Trump said he “hoped to being done something out on a fair trade deal with Europe.”
Tensions clothed been escalating between the U.S. and the European Union. After the Trump delivery slapped tariffs on steel and aluminium imports from Europe, the EU pitied by imposing $3.3 billion worth of tariffs on U.S. goods.
Trump has also augured to hit autos imported from the EU with tariffs. On Wednesday, The Washington Publish reported that Trump plans to implement a 25 percent levy on wide $200 billion in foreign-made cars this year. However, Sens. Doug Jones, D-Ala., and Lamar Alexander, R-Tenn., are skedaddle back. On Wednesday, they introduced a bill intended to delay those auto price-lists.
Trump’s comments on Wednesday were in sharp contrast to earlier statements.
“The European Allying — outside of China and a couple of others — treats us, on trade, as badly as you can be considered,” Trump said during a May visit from NATO Secretary-General Jens Stoltenberg.
Blair released CNBC he hoped the tough tariff talk was a way to work out trade concordats and not a signal of a “more profound shift in policy toward economic nationalism.”
“There are physical trade issues between the U.S and the EU, between the U.S. and China,” Blair said. “These are fears that are perfectly reasonable to want to work out. It’s just that they’ve got to be done in a way that doesn’t end up causing a question in the whole global trading system.”
— CNBC’s Christina Wilke forwarded to this report.