Juncker and TrumpU.S. President Donald Trump and President of the European Commission Jean-Claude Juncker walk together before speaking about trade relations in the Rose Garden of the White House in Washington, U.S., July 25, 2018.Reuters/Joshua RobertsThe trade war between the US and EU, which threatened to escalate sharply in recent days, appears to have cooled down after President Donald Trump and European Commission head Jean-Claude Juncker agreed to the beginnings of a deal that would end tensions between the two parties.

“This was a very big day for free and fair trade,” Trump said in a press conference after the pair’s meeting.

Preliminary reports suggest the EU agreed to import more American soybeans and liquefied natural gas. Both sides will work to decrease industrial tariffs and adjust regulations to allow US medical devices to be traded more easily in European markets.

Trump himself told reporters the meeting laid the foundations for a future relationship with “zero tariffs, zero barriers, and zero subsidies on non-auto industrial goods.” 

The agreement buoyed financial markets overnight and provided a general sense that the trade war — which many economists have forecast could have a substantial negative impact on global growth — has passed its zenith.

Understandably, Juncker and Trump’s meeting is all that most economists, strategists, and analysts are talking about right now. But what are they saying? Business Insider has rounded up some of the most interesting reactions to the deal struck in Washington on Wednesday.