Dollar extends losses after U.S. reportedly secures trade concessions from EU

Trump administration announces $12 billion 'bailout' for farmers

Trump greets EU chief, says US seeks 'level playing field' on trade

Juncker, the president of the European Commission, and top EU trade official Cecilia Malmstrom agreed to work with the United States to lower industrial tariffs on both sides and increase USA exports of liquefied natural gas and soybeans to Europe, the official said, according to the report.

In response, we have been slapped with unjust retaliatory tariffs, aimed disproportionately at American farmers.

But the auto trade war with Europe is on hold while the USA and European Union engage in further trade talks.

"Very demanding and intensive negotiations lie ahead of us", German Economy Minister Peter Altmaier said, vowing that "we will represent and defend our European interests just as emphatically as the USA does with its interests".

During the meeting, the European Union agreed to import more American soybeans and liquefied natural gas.

"This was a very big day for free and fair trade", Trump said at a press conference after the pair's meeting.

A source quoted by Reuters said aides also strategically put Trump's name into "as many paragraphs as we can because he keeps reading if he's mentioned".

Some analysts said the two sides did little more than agree to more talks, and that Trump was probably responding to concerns by Republicans that they will lose midterm voters over the president's trade policies.

"I was making sure they heard the message that this is not just uncomfortable, but it's painful and damaging", Huizenga said.

And then there are questions about the particulars.

"We tried earlier in TTIP negotiations to make the United States loosen those laws", Malmstrom said.

He said US farmers will bounce back, needing the aid only because they had not expected the foreign response to USA tariffs. The reverberations would be enormous: The EU accounted for just 22 percent of US auto imports past year; Canada and Mexico combined for 47 percent.

Calling it "a new phase" in U.S. After nearly three hours of talks, Trump said he wanted to hold a joint press conference with Juncker to announce the good news.

At the same time, he recognized that the European Commission is in no position to dictate to EU member states and companies to buy more soybeans.

The White House will open its doors for the president of the European Commission Wednesday, with relations looking strained amid tariffs and the possibility of an all-out trade war.

Nord Stream 2 hasn't been abandoned, though. Ultimately, that will make cars more expensive for US consumers. "It is not price competitive with piped gas".

His Juncker, meeting, and the EU's agreement to import more natural gas and agricultural products from the United States, is therefore being portrayed as a victory by his team, evidence that the controversial tactics of this deal-making President have paid off.

He said: "Look what happened, after all the bombast and bluster - the European Union went scurrying over to Washington and have backed down".

The president campaigned on a vow to get tough on trading partners he accuses of taking advantage of bad trade deals to run up huge trade surpluses with the US.

"We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans".

"I think we have to talk to one another and not at one another", Juncker said as he sat next to Trump in the Oval Office, thanking the United States leader for "taking the initiative to invite us to the White House". "Striking a deal would do damage, in my view, to what you're trying to do on a broader level".

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