Feldman Financial Group issued the following announcement on July 25.

U.S. President Donald Trump and European Commission President Jean-Claude Juncker announced Wednesday that the United States and the European Union have reached an agreement to work toward eliminating tariffs.

Delivering a joint statement alongside Juncker in the White House Rose Garden, Trump said the two sides agreed to make a deal seeking to eliminate tariffs, barriers and subsidies on non-auto industrial goods.

We met right here at the White House to launch a new phase in the relationship between the United States and the European Union, a phase of close relationship, of strong trade relations and both of us will win,Trump said.

He added both sides also will work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products and soybeans.

The European Union is going to start almost immediately to buy a lot of soybeans from our farmers in the Midwest primarily, Trump said.

Trump said the United States and European Union will form an executive working group to negotiate trade and assess existing tariffs.

The United States and European Union will also meet with like-minded partners to reform the World Trade Organization. During the negotiations, both sides will refrain from imposing new tariffs and will look to resolve steel and aluminum tariffs as well as retaliatory tariffs.

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, Juncker said.

The European Union also agreed to import more liquified natural gas from the United States to diversify its energy supply.

This is also a message for others, Juncker said.

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