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Trump and Juncker in the Oval Office. Photo: Kevin Dietsch, Pool/Getty Images

President Trump and European Commission President Jean-Claude Juncker announced Wednesday that they will open negotiations to, as Trump put it, "work toward zero tariffs, zero non-tariff barriers and zero subsidies," and hold off on any further tariffs unless either side terminates the negotiations.

Why it matters: The trade war appears to be on hold, at least on the European front. However, importantly, Trump said the path toward "zero tariffs" applied to "all non-auto industrial goods." Trump has been mulling auto tariffs that could hit EU countries like Germany hard. Juncker struck an optimistic tone, saying “I had the intention to make a deal today and we made a deal today.”

More details:

  • Trump and Juncker also said the EU would begin importing more liquefied natural gas and soybeans from the U.S.
  • Trump said the process would be led by an "executive working group" of "very intelligent people on both sides."
  • The leaders said the U.S. and EU would work together to reform the WTO and cut down on unfair trade practices.

Smart take, from FT World Trade Editor Shawn Donnan: "This is basically an announcement to resume broad trade negotiations suspended since the Obama administration... TTIP 2.0."

Go deeper: Read the joint U.S.-EU statement.

Go deeper

17 mins ago - World

Biden backs Gaza ceasefire for first time in call with Netanyahu

Biden (L) with Netanyahu in 2010. Photo: Debbi Hill - Pool/ Getty Images

President Biden expressed support for a ceasefire between Israel and Hamas in a call on Thursday evening with Israeli Prime Minister Benjamin Netanyahu, the White House said in a statement.

Why it matters: This is the first time since the beginning of the crisis last Monday that Biden or any other U.S. official has publicly backed a ceasefire. It will increase pressure on Israel to seek an end to the conflict, which Netanyahu has insisted will continue until Hamas' ability to attack Israel is further degraded.

2 hours ago - World

Schumer: "I want to see a ceasefire"

Photo: Sarah Silbiger/Bloomberg via Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) told reporters Monday he wants to "see a ceasefire reach quickly and mourn the loss of life."

Why it matters: Schumer is a staunch defender of Israel and has maintained that Israel should be able to defend itself.

5 hours ago - Health

Biden administration to send 20 million U.S.-authorized vaccine doses abroad

Photo: Ole Spata/Picture Alliance via Getty Images

President Biden will send an additional 20 million doses of coronavirus vaccines to other countries by the end of June, including shots authorized by the FDA for use in the U.S., White House press secretary Jen Psaki said Monday.

Why it matters: It will be the first time the U.S. has sent Pfizer, Moderna, and Johnson & Johnson vaccine doses abroad. The administration previously announced plans to export 60 million doses of the AstraZeneca vaccine, which has not been authorized domestically.