US, EU reach trade pact after retaliatory tariffs

The U.S. and the European Union have reached a new pact on trade, U.S. President Donald Trump and European Commission President Jean-Claude Juncker announced Wednesday.

Addressing reporters at the White House, Trump said the pair agreed to work towards "zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods."

The trading partners will also work to reduce trade barriers on services, chemicals, pharmaceuticals, medical products and soy beans. Services will also be addressed, Trump said.

The U.S. and EU trade relationship is valued at roughly $1 trillion dollars.