The European Union has made progress in trade negotiations with Washington ahead of US President Donald Trump's deadline for imposing new tariffs (July 9). This was stated by European Commissioner for Economic Affairs Valdis Dombrovskis, reports Bloomberg, citing UNN.
Details
According to him, the European Union continues intensive trade negotiations with the United States and "is making progress".
Our goal is to find a mutually acceptable solution and, in a sense, to de-escalate this trade tension
At the same time, he warned that the EU "is ready to take measures to protect our economic interests and our businesses if we cannot find this solution".
"Responding to a question on whether the EU had resigned itself to Trump retaining the 10% baseline tariff, he said that the so-called "reciprocal tariffs" are "speculative assumptions that do not reflect the current state of negotiations", the article states.
Context
The EU faces the threat of a 50% tax on almost all its exports to the US after July 9.
In turn, Brussels approved tariffs on US goods worth 21 billion euros. They target politically sensitive American states and include products such as soybeans from Louisiana, home to House Speaker Mike Johnson, as well as agricultural products, poultry, and motorcycles.
The bloc is also preparing an additional list of tariffs on US products worth 95 billion euros in response to Trump's so-called reciprocal duties and auto tariffs. They will target industrial goods, including Boeing Co. aircraft, American-made cars, and bourbon.
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