by Chuck Rudolph | 24News
“The E.U. blinked…”
President Donald Trump scored a “major win” on Wednesday by reaching a limited trade deal with the European Union, which made a “major concession” to the United States to avoid a trade war.
That’s according to business news anchor Neil Cavuto of Fox News — a regular Trump critic, who just last week blasted President Trump over his press conference with Russian President Vladimir Putin in Helsinki, Finland.
Amidst recent tariffs and tensions, European Commission President Jean-Claude Juncker arrived at the White House with two options for a deal to avoid a wider trade war, according to ABC News: “eliminate tariffs on cars for all trading partners or create a limited free trade agreement between the U.S. and EU on industrial goods.”
Trump opted for the latter — and secured Europe’s agreement to buy more American soybeans and liquified natural gas (LNG). The two also announced that they would begin “to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods,” in Trump’s words.
European Commission Pres. Jean-Claude Juncker: "When I was invited by the president to the White House, I had one intention: I had the intention to make a deal today. And we made a deal today." https://t.co/NkJuIoh4fP pic.twitter.com/xR3SI8OK4L
— ABC News (@ABC) July 25, 2018
— Bloomberg Quicktake (@Quicktake) July 25, 2018
The Dow Jones Industrial Average rocketed higher on the news, which was seen as a major win for Trump’s gamble of using tariffs, tweets, and threats to extract concessions from U.S. trading partners.
In other words, The Art of the Deal.
This is a dramatic, a stunning development, on trade … The Europeans, it might be deemed, have blinked. They have made major concessions to President Trump … to meet the president’s demand that lifts tariffs that are already in effect against the European Union. This is a major win for President Trump. It is a major concession on the part of the European Union … A few hours ago, they were pooh-poohing — all the major publications … for the President of the United States, a win, and a big one, economically.
From a serial Trump-hater like Cavuto, that is high praise indeed.
The financial markets were stunned by Trump’s big win, jumping nearly 200 points to finish at its highs:
As Zero Hedge noted, this move put the January all-time market highs within reach this week:
The entire media, all Democrats — and many Republicans — blasted the President for his tough talk on trade and tariffs. They are all eating crow tonight, as Trump’s “America First” economic policy is already bearing big fruit.