Speaking at a joint press conference in Washington, Donald Trump and Jean-Claude Juncker revealed talks between the two leaders might put an end to months of trade war talks.
The American President said on Wednesday he hopes to reach a fair and reciprocal trade deal between the US and the EU.
Whilst the European Commission President vowed Europe and the United States will work as allies to reach a deal that will benefit both sides.
But the US President made it clear he would try to keep reciprocal trade with allies at a minimum.
Both sides were stocking the fire before Wednesday’s crunch talks, with the EU threatening to introduce tariffs on $20billion worth of US goods if Washington imposed new levies on car imports.
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Speaking to Swedish daily Dagens Nyheter this morning, EU trade commissioner Cecilia Malmstrom outlined the threat and added: “We hope that it doesn’t come to that and that we can a solution.
“If not, the EU Commission is preparing a rather long list of many of American goods. It would be around $20 billion.”
The US and European Commission Presidents discussed the implementation of 20 percent tariffs on EU steel and aluminium last month and Mr Trump’s threats to expand those measures to European cars.
It was a move that has left leaders throughout the bloc furious, with the European Union threatening to retaliate with heavy tariffs of its own on the US.
Relations between the two sides have reached breaking point over recent weeks, with the meeting coming less than two weeks after Mr Trump called the EU a “foe” after complaining about higher duties applied by the EU on car imports.
The US President, who has accused the EU of unfair trade practices, has shown little interest in backing down over his trade policies and appeared to make yet another jibe at the meeting with Mr Juncker and the EU’s intentions for it.
He tweeted on Tuesday: “Tariffs are the greatest! Either a country which has treated the United States unfairly on trade negotiates a fair deal, or it gets hit with tariffs.
“It’s as simple as that – and everybody’s talking! Remember, we are the “piggy bank” that’s being robbed. All will be great!”