HomeBusinessEU Struggles For Trade...

EU Struggles For Trade Deal With US By July 9 Amid Tariff Tensions | Economy News

New Delhi: European Commission President Ursula von der Leyen has reiterated the European Union’s (EU) commitment to reach a “good” trade deal with the US before July 9 during a phone call with US President Donald Trump.

In a post on social media platform X, von der Leyen said on Saturday that she had a “good call with President Trump ahead of the G7 Summit”. The US government’s decision to raise tariffs on steel and aluminum imports to 50 per cent took effect earlier this month, escalating a trade dispute that has drawn sharp concern from European producers, who warn the steep new duties could cause significant harm to the sector, Xinhua news agency reported.

On May 26, European Commissioner for Trade and Economic Security Maros Sefcovic made similar comments after Trump said talks with the 27-member bloc were “going nowhere” and threatened to impose a 50 per cent tariff on all EU imports from June 1.

Following a call from von der Leyen, Trump then agreed to delay the planned tariff hike until July 9. According to von der Leyen’s post on Saturday, she and Trump also discussed the situations in the Middle East as well as in Ukraine during the phone call.

US Commerce Secretary Howard Lutnick said on June 11 that the European Union is likely to be among the last deals that the US completes, as the administration rushes to secure tariff agreements with other trading partners.

Lutnick, who has long expressed frustration with the bloc, indicated on Wednesday that discussions intensified following President Donald Trump’s threat to raise levies to 50 per cent — which he delayed until July 9 to allow more time for negotiations — but are still proceeding more slowly than others.

The Commerce chief said “Europe was more than thorny” before Trump issued his ultimatum, then “all of the sudden they got a little religion and made a proper offer”. The US and EU have been grappling over trade terms before the July cutoff.

EU trade chief Sefcovic has been in regular communication with Lutnick and US Trade Representative Jamieson Greer since the partners agreed to fast-track negotiations two weeks ago.

Still, the EU believes trade negotiations with the US could blow past the deadline and officials see an agreement on the principles of a deal by that date as a best-case scenario that would allow further time to work out details, according to people familiar with the matter.

Trump administration officials have shown exasperation over talks with the EU, saying it is more challenging to negotiate an agreement with a group of 27-nations with differing priorities.

US Treasury Secretary Scott Bessent in a May interview with Bloomberg Television said most US trading partners have been negotiating “in very good faith” but singled out the EU as an “exception”. He also accused the bloc of having a “collective action problem”. The EU has struggled to gain more clarity on what Trump is seeking in talks.

Source link

- A word from our sponsors -

spot_img

Most Popular

More from Author

- A word from our sponsors -

spot_img

Read Now

Army vet wins $1.3 million lottery jackpot a month after making a long-distance move

Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines...

Your home address is exposed online through people finder sites

NEWYou can now listen to Fox News articles! Your home address might be easier to find online than you think. A quick search of your name could turn up past and current locations, all thanks to people finder sites. These data broker sites quietly collect and publish...

The Beach Boys’ Brian Wilson and his summer of milestones

For half a century, Beach Boys songs like "Fun, Fun, Fun" have promised unending summers of fun in the sun -- not at all like the life founding Beach Boy Brian Wilson actually led for many years, as Anthony Mason tells us...

Glasgow-raised Nationwide and Greggs bosses among businesswomen honoured

Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines...

Kidney stress often starts with these 5 silent signals and what to do about them

We don’t think much about our kidneys. We mostly focus on what's on the outside, such as taking care of our skin, hair, arms, and legs, but not the internal organs. Kidney health is not on most people’s radar; you will not know just how...

Can scientists learn about Earth by looking at Venus?

Can scientists learn about Earth by looking at Venus? - CBS News ...

Monica Barbaro gets candid about teaming up with boyfriend Andrew Garfield in new movie

Monica Barbaro is looking forward to working with her boyfriend Andrew Garfield in a new movie directed by Challengers...

Air India plane crash: Boeing crash jolts stock ahead of Paris show

Boeing crash jolts stock ahead of Paris show (Photo: AP) The Boeing Dreamliner crash on Thursday rattled investors' confidence in the company's recovery narrative. Shares of the aviation major dropped by as much as 8% in pre-market trading before settling at a loss of 4.8% and...

Indian wildlife smuggler stopped at customs with 100 exotic animals

Indian customs officers made the latest "significant" seizure of endangered wildlife from a passenger arriving from Thailand, a government...