But after the talks, Trump's threat to impose tariffs on European cars was pushed aside and the EU said it would buy more U.S. liquefied natural gas and soybeans.
In order to reach an agreement, Juncker said the European Union was forced to abandon the prospect of European firms' access to a public offering in the U.S.as an main issue in the talks.
Mr. Juncker said the European Union already imports 35% of its natural gas from USA producers, but will work to buy more. A formal proposal would only come after the US Commerce Department completed its investigation into whether auto imports threaten national security. The United States was following similarly under Mr. Obama through a deal known as Transatlantic Trade and Investment Partnership.
What he failed to mention (aside from the fact that the official text includes no formal commitments from the EU) is that this is unlikely to make a dent in America's lost trade with its largest soybean market: China.
Agricultural trade negotiations have traditionally been the hardest in global free trade talks due to political sensitivities.
He stressed the U.S.is working on a deal towards "zero tariffs, zero non-tariff barriers, and zero subsidies".
The upcoming negotiations between the US and Europe are not guaranteed to produce an agreement that significantly reduces trade barriers.
The company credits Trump's plan to impose tariffs on imported steel and aluminum for the move.
EU has a huge stake in the US industry, where European companies produce nearly 3 million cars a year, accounting for over a quarter of production in the United States.
‘First-time’ kiss with Trump caught EU’s Juncker by surprise
The truce may prove to be short-lived if the two sides can't resolve their differences over trade in vehicles and auto parts. Ulrike Demmer, a deputy government spokeswoman, reaffirmed Germany's backing for the Commission in future negotiations.
Whatever progress was achieved Wednesday could provide some relief for US automakers.
"But one thing is sure: if the USA imposes tariffs on Chinese imports following an order of $60 billion, $200 billion, or even $500 billion, many Chinese companies will go bankrupt".
The truce might prove to be short-lived if the two sides can not resolve their differences over trade in vehicles and auto parts, he said.
I came for a deal, we made a deal.
Trump's announcement stunned lawmakers who arrived at the White House ready to unload concerns over the administration's trade policies only to be quickly ushered into Rose Garden for what the chairman of the Senate Agriculture Committee called "quite a startling" development.
"If you go and strike a deal with Mr. Trump, you have to think how that fits into the strategy", she said. Pat Roberts, R-Kan.
Wednesday's joint statement between Juncker and Trump included calls for easing trade barriers in sectors such as pharmaceuticals, chemicals, medical products and services - sectors that were also discussed within TTIP.
Trump's tariffs have been criticized by business leaders and members of Congress who say they could hurt companies that use steel and aluminum in their manufacturing and raise prices for consumers.
But the auto trade war with Europe is on hold while the USA and European Union engage in further trade talks.