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.
However, he added it would be “very difficult” to reach an acceptable deal for EU member states and parliament.
Trade between the EU and United States has been fraught since the Trump administration briefly placed a 20% reciprocal tariff on all goods from the bloc on April 2, which Trump refers to as “Liberation Day.” Shortly after, he paused those tariffs for 90 days.
The EU then announced its own 90-day pause on countermeasures against the United States. “We want to give negotiations a chance,” European Commission President Ursula von der Leyen said at the time.
The bloc had announced those retaliatory tariffs in response to steel and aluminum tariffs announced by Trump in March.
The whipsaw turns have left markets, governments and consumers alike confused and worried about what’s next.
Trump had repeated false claims about the EU, saying it was “formed for the purpose of taking advantage of the United States.”
CNN’s Christian Edwards, Thom Poole and James Frater contributed to this report.
This is a developing story. It will be updated.
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