He said the two sides also agreed to work together to reform the World Trade Organization, which Trump has vehemently criticized as being unfair to the U.S. "If we team up, we can make our planet a better, more secure, and prosperous place". The president, ahead of trade talks with European Union representatives, argued that the levies would force other countries to come to the table.
"We will also work to reduce barriers that increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans", said Trump.
The nonprofit group, which is backed by the American Farm Bureau Federation and major commodity groups like the National Pork Producers Council, is investing $2.5 million in the four-month campaign aimed at showcasing how the tariffs are causing pain among US farmers and manufacturers because of Trump's trade policies.
Currency markets were far more circumspect about the outcome of the summit than equity and bond markets as investors waited for the fine print to emerge on the trade discussions.
Trump then moved to the second portion of the agreement, "strengthening of [America's] strategic cooperation with respect to energy".
USA equities were set to open weaker, with Nasdaq futures down the most by 0.8 percent NQc1.
How is this? While China has a much larger trade surplus in goods than Germany, China also has a significant trade deficit in services.
Following the government's announcement, Tuesday, of a $12 billion plan to assist farmers who have been hurt by President Donald Trump's trade disputes with China and other trading partners, Nebraska's senators shared their thoughts on the plan.
He says part of his cotton crop goes to China.
Colorado Farmers React To Presidents Agriculture Aid Amid Tariffs
In two tweets Trump contradicts his own administration's stated national security justification for steel and aluminum tariffs, saying tariffs are imposed on countries who don't negotiate fair deals with the U.S.
"We are here to explain ourselves and explore ways to avoid a trade war", he said, stressing that the European Union is "not in the dock - we don't need to defend ourselves".
Bob Corker called on the Trump administration to "reverse course and end this incoherent" tariff and said the administration was "offering welfare to farmers to solve a problem they themselves created". He echoed President Trump and efforts to strengthen energy cooperation and importation of LNG.
Summit Agricultural Group CEO Bruce Rastetter on the impact of tariffs on American farmers.
Juncker said he had an "intention to make a deal today and we made a deal today".
On the South Lawn, Trump walked among a number of products manufactured across the nation, including a Lockheed Martin F-35 aircraft from Maryland, a Ford F-150 pickup truck from MI, a Newmar recreational vehicle from IN and a Ranger speedboat from Arkansas. And he name-checked each one as they watched his hastily planned joint press conference with Juncker.
Putin says US-Russia summit was successful
A White House spokeswoman, Lindsay Walters, wanted to make clear that the president "respects the independence of the Fed". So, we will see what comes of this, but I think the Russians are going to see if the USA wants this more than they do.