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He also said, "we're starting the negotiation right now, but we know very much where it's going".
Instead, the two leaders apparently called a truce, agreeing to put trade war escalations on hold while they work toward zero tariffs, zero barriers and zero subsidies on all non-auto industrial goods, they said in a joint statement following the meeting.
He said the administration is now focused on resolving the steel and aluminum tariffs.
Trump said he and Juncker are committed to strengthening the trade relationship between Americans and Europeans and to loosening trade restrictions.
"We should talk about reducing tariffs instead of increasing them", Mr Juncker said, as Mr Trump nodded.
For instance, the USA said in May it had trade war with China on hold as both countries agreed to execute a framework for increasing US's agriculture and energy exports after high-level talks in the same month.More news: Two Palestinians, including teen, dead in Gaza protests
The company credits Trump's plan to impose tariffs on imported steel and aluminum for the move.
At the start of this month, China retaliated against Trump by imposing its own 25 per cent tariffs on key USA products, primarily made in the Midwest states most loyal to the President. "Hope they do it, we are ready - but they won't!"
Trump imposed 25 percent and 10 percent tariffs, respectively, on steel and aluminum imported from the European Union in June, spurring the European Union to retaliate with its own tariffs on USA steel and agriculture imports.
Initially it sounded like the former: The headline at CNBC at around 4:30 ET was "Trump Secures Concessions From Europeans To Avoid Trade War: DJ, Citing EU Official".
The US president, in a hastily called Rose Garden statement with Mr Juncker, said the European Union had agreed to buy "a lot of soybeans" and increase its imports of liquefied natural gas from the US.
Auto tariffs at the level Trump has threatened would add about 10,000 euros (US$11,700) to the sticker price of a European-built vehicle sold in the USA, according a European Commission assessment obtained by Bloomberg News last month. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin disappeared for more than half an hour in a room to work on a joint statement.
He said: "We just want it to be a level playing field for our farmers, for our manufacturers, for everybody", suggesting the European Union could also be a "big beneficiary" of a revised trading agreement.