The White House painted the agreement as a vindication of the USA president's bare-knuckle tactics, which Trump has deployed even against allies.
The measures are part of Trump's "America First" promise to win back manufacturing jobs lost to overseas competitors.
On July 24, the Department of Agriculture announced a plan to give $12 billion in aid to USA farmers hit by retaliatory worldwide tariffs on American produce, grain and meat exports.
Trump said he "opened up Europe for you farmers", to a crowd in Iowa on Thursday.
The president also talked of imposing 20 percent tariffs on European cars imported to the USA, causing Juncker to consider further retaliatory tariffs, totaling $20 billion.
"If we hadn't had steel and aluminum tariffs, we never would have gotten to the point we are now", he said.
While Trump said his use of tariffs and threats of tariffs have brought countries to the negotiating table, U.S. farm groups are against it.
As reported by the Agence France-Presse (AFP), Brussels had hit back at the USA over the metals tariffs by imposing duties on more than $3bn of USA goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn. Instead, all we really have right now is an agreement by the parties to engage in further negotiations regarding these issues with the goal of coming up with some sort of comprehensive agreement that accomplishes these goals.
On the whole European Union has constrained itself in closing doors to many imported goods throughout the phenomenon known as 'non-tariff barriers to trade'.
Iran's special forces chief warns Donald Trump in tit-for-tat threats
But two days later, while speaking to a veterans' group, the president said the U.S. was "ready to make a real deal" with Iran. President Donald) Trump should know that we are nation of martyrdom and that we await him".
The US declared a resounding victory for Trump and his confrontational stance, as Washington appears to have conceded little.
"I share the president's desire to crack down on bad actors in the global marketplace, particularly China, but I fear the administration has lost sight of the goal to create a level playing field for farmers, steel producers and manufacturers", he said in a statement. "This is a real vindication of the president's trade policy".
The two leaders did not specifically mention vehicle tariffs in their statements, keeping the focus on other industrial products.
Trump said Europe agreed to increase purchases of USA liquefied natural gas and lower trade barriers to American soybeans, aiding United States farmers and the energy sector.
The joint statement said Brussels and Washington would "work to reduce barriers and increase trade" in a range of products including soybeans, and that the European Union "wants to import more liquefied natural gas (LNG) from the United States". Yes, we export more goods to the United States than we import.
"I was making sure they heard the message that this is not just uncomfortable, but it's painful and damaging", Huizenga said. Additionally, as Heather Long and Steven Mufson note in The Washington Post, it's way too soon to declare the U.S. -E.U. trade war over.
Germany unsurprisingly hailed the decision, given that its auto industry was the first in line to be punished by Trump's protectionist offensive.
"A good trade negotiation, as I have said before, can be only done on balanced and reciprocal basis and under no circumstances under threat", Macron said during a joint press conference in Madrid with Spanish Prime Minister Pedro Sanchez.
U.S. President Donald Trump and European Commission chief Jean-Claude Juncker agreed on Wednesday to remove duties on industrial goods and boost U.S. soybean and energy exports to Europe, while working to resolve their tariff dispute.
USA stocks shot to their highs of the day, with the benchmark S&P 500 Index rising by the most in almost two months to close the day within 1pc of an all-time high. Agricultural equipment makers Deere & Co. and Agco both advanced. Likewise, the EU's imposition of high value added tax on most imports is essentially a mini-tariff in and of itself.