President Trump said Wednesday that the U.S. and European Union have agreed to negotiate a new trade deal with the goal of rolling back recently imposed tariffs.
“This is why we agreed today first of all to work together towards to zero tariffs, and zero subsidies,” said Trump.
The president said the deal does not include the auto industry.
Jeremie Cohen Setton is an economist with the Peterson Institute, and said tariffs have left U.S. businesses scrambling to protect their bottom line.
“The impact is pretty clear you, you reduce demand for the goods that are produced in the U.S., so that decreases the price,” Setton said.
Both Democrats and Republicans in congress continue to question the presidents’ strategy, but President Trump said he’s confident the U.S. has the upper hand.
In a tweet, he said, “When you have people snipping at your heels during a negotiation, it will only take longer to make a deal”
Connecticut Congresswoman Rosa DeLauro said the president’s tweets aren’t helping.
“What we need to do is not have a chaotic policy but a coherent policy, of dealing with trade,” DeLauro said.
The president insisted his advisors have a strategy and that Americans should remain patient.