14:06 | 31/07/2018 Global Economy
The United States expects the European Union to open up “more opportunities” for US farmers and agricultural products as part of a US-EU trade deal, US Treasury Secretary Steven Mnuchin told Fox News on Sunday.
Mnuchin declined to comment on a European Commission spokesperson’s statement made on Friday, saying that other than soybeans, agriculture “is out of the scope” of the US - EU discussions.
On July 25, US President Donald Trump and European Commission President Jean-Claude Juncker met in Washington for talks, which resulted in an agreement to work toward “zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.” The sides also agreed to increase trade in chemicals, pharmaceuticals, medical products and soybeans.
The Trump - Juncker talks followed a decision by the United States in May to impose tariffs on steel and aluminum imported from the European Union, prompting Brussels to respond by opening a dispute settlement case within the World Trade Organization (WTO).
“We had specific conversations about agriculture and the need to break down the barriers on agriculture and have
more opportunities for our farmers. We specifically talked about soybeans but we specifically agreed we’d look
at these other markets and it was very clear that our objective as part of this whole agreement is the Europeans have
to open up more opportunities for our farmers and our agriculture,” Mnuchin said.