The EU is ‘making progress’ toward a €50 billion trade deal with the US, trade commissioner tells FT
CNN
Maroš Šefčovič, the European Union’s trade commissioner, said in an interview with the Financial Times Thursday that the bloc is making “certain progress” toward a trade deal with the United States, which would involve buying €50 billion more of US products.
Maroš Šefčovič, the European Union’s trade commissioner, said in an interview with the Financial Times Thursday that the bloc is making “certain progress” toward a trade deal with the United States, which would involve buying €50 billion more of US products. This deal would address the “problem” in the two superpowers’ trade relationship, he said. But Financial Times reported that Šefčovič suggested the Trump administration would need to abandon its 10% across-the-board tariffs on European goods as a precursor to any trade arrangement. Last month, President Donald Trump put in place 10% universal tariffs on virtually all goods coming into the United States and enacted – then delayed – even more aggressive “reciprocal” tariffs of up to 50% on certain countries. The 10% tariff on all trading partners, including the European Union, remain in place. Šefčovič told the Financial Times he spoke with US trade representative Jamieson Greer and commerce secretary Howard Lutnick on closing the United States’ trade deficit with Europe by buying more liquefied natural gas (LNG) and agriculture. “If what we are looking at as a problem in the deficit is €50 billion, I believe that we can really . . . solve this problem very quickly through LNG purchases, through some agricultural products like soyabeans, or other areas,” Sefcovic said to FT.
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