Trump announces deal to expand US beef exports in EU

WASHINGTON, Aug 3 (MENA) - US President Donald Trump announced an agreement to boost beef exports to the European Union, CNBC channel reported.

Surrounded by trade officials and beef industry representatives at the White House, Trump signed a deal to “lower trade barriers in Europe and expand market access for American farmers and ranchers.” Over the course of the agreement, annual duty-free US beef exports to the EU are expected to nearly triple to $420 million from $150 million, according to the Office of the US Trade Representative.

“This is a tremendous victory for American farmers, ranchers and of course, European consumers,” the president said at the White House as he unveiled the deal.

Through the beef agreement, Trump in part aims to de-escalate trade tensions with the European Union. Earlier this year, the administration delayed a decision on slapping duties on European cars and auto parts.