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Carmakers Surge After Trump Agrees to Put Car Tariffs on Hold

  • Trump says both sides will work toward ‘zero’ trade barriers
  • Germany breathes sigh of relief over initial ceasefire in spat
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Trump Announces Deal Averting U.S.-EU Trade War
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European carmakers climbed after President Donald Trump backed off his threat to levy tariffs on cars imported to the U.S. during a meeting with European Commission President Jean-Claude Juncker, averting for the time being an escalating trade war.

Shares of BMW AG, Volkswagen AG, Fiat Chrysler Automobiles NV and Daimler AG jumped on Thursday following a pledge from the two leaders to “hold off on other tariffs” while they negotiate a deal to expand European imports of U.S. liquefied natural gas and soybeans and lower industrial levies. Germany’s VDA auto industry association called the meeting “a big step forward” and “good news for industry and consumers on both sides of the Atlantic.”