Automaker shares surge after Trump puts tariffs on hold

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Neither the president nor Juncker offered details on what had specifically been agreed to, though Trump - under election-year criticism from Republicans and agricultural supporters over his tariff threats - said the Europeans have agreed to buy more soybeans. Juncker said the European Union "can import more soybeans from the US, and it will be done".

More: Foe or frenemy? "It's progress. To have the temperature lowered with our European trading partners and allies is smart".

While EU officials had threatened immediate retaliation to any auto tariffs, and said they would not negotiate with Washington under duress, they seem to have made a decision to appease the irascible USA leader. Meanwhile, on Tuesday, the White House said it is preparing a $12 billion aid package for US farmers hit by trade tensions. "So to have an announcement that two very large economies, the European Union and the US, are going to move toward zero duties, zero-tariff and non-tariff barriers and try to streamline regulatory challenges between the two trading bodies, I think is a positive thing".

"We want to further strengthen this trade relationship to the benefit of all American and European citizens", Mr. Trump said in a statement delivered from the White House Rose Garden.

The EU has warned that it will retaliate with tariffs on products worth 20 billion (£15 billion) if Mr Trump puts duties on cars and parts from Europe.

Trump promised the USA would not impose tariffs on the import of European cars, something the U.S. had threatened to do in retaliation to taxes imposed on certain American goods entering Europe following Trump's decision to levy extra taxes on imported aluminium and steel.

Germany's VDA auto industry association called the meeting "a big step forward" and "good news for industry and consumers on both sides of the Atlantic".

Twitter stock tanks after second-quarter results
Analysts, on average, had expected 340 million monthly active users in the third quarter, according to Thomson Reuters I/B/E/S. Over the past several months, the company said it's been more aggressively removing accounts that violate its rules.

"These things become Christmas trees with everybody hanging things on them", said Philip Levy, a senior fellow at the Chicago Council on Global Affairs and a former White House trade adviser.

"It's all politics", said Stan Collender, adjunct professor at the McCourt School of Public Policy at Georgetown University. Many Democrats criticized the emergency aid as a short-term fix to a problem Trump created. "Nothing real was announced".

When President Trump established peace with European Union over trade, the widespread profile of his plan ringed familiar.

Juncker said in a White House news conference the US and European Union "have identified a number of areas in which to work together" with the goal of coming "down to zero on tariffs on industrial goods".

He said the two sides had also agreed to work together to reform the World Trade Organisation, which Mr Trump has vehemently criticised as being unfair to the US.

Mike King took another perspective: "Trump has a fraction of the vocabulary of Junkers". Trump said he is working on the steel and aluminum tariffs.

But he added that bourbon makers in Kentucky have been hit with retaliatory tariffs and "don't have a solution yet".

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