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Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs.

President Donald Trump and European Commission President Jean-Claude Juncker spoke at the White House Wednesday to say they are negotiating a deal to end most tariffs, trade barriers, and industrial subsidies between Europe and the United States.

The leaders pledged to expand European imports of USA liquefied natural gas and soybeans and both vowed to lower industrial tariffs, excluding autos.

Two days before President Trump is to face farmers in Iowa, the administration announced on Tuesday it would spend up to $12 billion, with the largest share going to row crop and livestock producers, to offset the impact of the tit-for-tat tariff war facing US exports.

Trump said they also are looking to slash regulations that limit access to each other's markets and to reform the World Trade Organization and limit unfair market practices.

The tone was friendlier than it has been.

During a recent European trip, Trump referred to the EU as a "foe, what they do to us in trade".

The US and the European Union have stepped back from a possible trade war, with the announcement of a proposal to ease tensions and avoid more tariffs. But we have to do it.

He also flattered the USA commander-in-chief, however. Today's agreement specifically deals only with "non-auto industrial goods" but Juncker and his team have been hammering the point that they hope/expect that no further tariffs will be imposed by either side so long as negotiations are ongoing.

The actions "are a firm statement that other nations can not bully our agricultural producers to force the United States to cave in", Perdue said.

But, Colorado's U.S. Sen. "We also will resolve the steel and aluminum tariff issues, and we will resolve the retaliatory tariffs".

The US and European Union account for about $1 trillion in transatlantic trade, and tensions spiked leading up to Wednesday's high-stakes talks.

Whatever progress was achieved Wednesday could provide some relieffor US automakers.

The program will "assist farmers in response to trade damage caused by illegal retaliatory tariffs", which USDA estimated at $11 billion, Perdue told reporters. General Motors slashed its outlook, and shares of Ford Motor Co. and auto parts companies have fallen. "President Juncker is working to avert new tariffs".

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It was not clear whether the two sides made any progress on the contentious issue of possible United States tariffs on imports of automobiles from Europe.

Farm products have borne the brunt of tariffs imposed by trading partners angered by USA trade actions, and Agriculture Secretary Sonny Perdue said the aid program will provide relief.

The EU is stepping in to ease some of US farmers' pain.

During their Oval Office meeting, Mr. Trump said he expects something "very positive to take place" during their discussions, but was adamant that a "level playing field" is needed for USA farmers and manufacturers.

"This is a self-inflicted wound that borrowing $12 billion won't solve", she said. Pat Roberts, R-Kan. "They are preparing in advance, they are taking advantage of the fact that the tariffs haven't gone up yet, with lower prices now".

While Bohl said the relief program is a step in the right direction, he pointed out that it's only a temporary measure.

"The aim is to figure out what the ask is, we don't yet have a clear picture of what the administration wants", the official said.

White House Communications Director Bill Shine talks with Deputy Press Secretary Hogan Gidley prior to a Rose Garden event at the White House in Washington, July 25, 2018.

"This was a big day for free and fair trade!", tweeted an excited President Trump.

The auto tariffs would have significantly raised the stakes in the dispute.

He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totalled £254 billion.

But when threatened with tariffs on autos and auto parts, European Union officials rushed to come to Washington, Mr Trump claimed.

"Just be a little patient", Mr Trump said.

Speaking to the media, Mr Juncker said: "We are close partners, allies, not enemies".