EU willing to take bad deal with US to avoid tariff hike, Bloomberg
Photo: US President Donald Trump (Getty Images)
The EU and the US are rushing to conclude a trade deal by August 1 amid tariff threats from President Donald Trump, Bloomberg reports.
This comes amid Trump's threats to impose 30% tariffs on most European exports.
Brussels officials are ready to accept even an unbalanced deal favorable to the United States if it helps break the deadlock in the negotiations.
However, according to the agency's sources, there has been no breakthrough so far, despite preliminary talks in Washington last week.
At the same time, the EU is preparing a plan of countermeasures in case of no agreement. This week, the bloc's envoys will discuss responses to possible tariffs from the United States, whose position has escalated before the deadline.
Restrictions on EU goods
French Finance Minister Eric Lombard acknowledged that the negotiations are difficult and said the EU is ready to take balanced measures to protect its interests.
The US insists on broad tariffs of more than 10% on European goods with a limited number of exemptions, including aviation, some medicines, and manufacturing equipment.
US Secretary of Commerce Howard Lutnick expressed confidence in reaching an agreement, noting that opening markets is better than high tariffs.
Earlier, Trump had already imposed a 25% duty on cars, 50% on copper, and in total, the tariffs cover about 70% of European exports to the United States, worth 380 billion euros.
Siemens CEO Roland Busch emphasized that removing uncertainty is key to restoring investment and economic development.
Trump's tariffs
European Commissioner for Trade Maroš Šefčovič warned that the introduction of 30% tariffs on European imports would lead to the destruction of transatlantic trade.
According to him, such tariffs will almost completely ban trade between the EU and the US, which exceeds 4.4 billion euros daily.
Šefčovič expressed his concern during a speech in Brussels, emphasizing the seriousness of the consequences of US President Donald Trump's initiative.
Earlier, Trump announced his intention to impose a 30% tariff on most goods imported from the European Union and Mexico starting August 1.
In a letter to European Commission President Ursula von der Leyen, he noted that trade relations with the EU unfortunately have been far from reciprocal.
