It's all up to Trump: Bloomberg on the future of the trade deal between the EU and the US
Kyiv • UNN
European Commission President Ursula von der Leyen will meet with US President Donald Trump in Scotland to conclude a trade deal before Friday's deadline. If no agreement is reached, 30% tariffs on EU exports to the US will come into effect.
After months of intense negotiations and shuttle diplomacy, the fate of a trade agreement between the European Union and the United States of America now largely depends on US President Donald Trump. This is stated in a Bloomberg article, reports UNN.
Details
The publication indicates that European Commission President Ursula von der Leyen will travel to Scotland to meet with the US President on Sunday, with both sides aiming to conclude an agreement by Friday's deadline, otherwise 30% tariffs on EU exports to the US are to come into effect.
Intense negotiations at technical and political levels are ongoing. Leaders will take stock and explore opportunities for a balanced outcome that will provide stability and predictability for businesses and consumers on both sides of the Atlantic.
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The authors note that EU officials have repeatedly warned that the fate of the agreement ultimately depends on Trump, making it difficult to predict the final outcome. For example, Trump recently negotiated with Japan and seemed to change some final terms on the fly before the agreement was finally agreed upon earlier this week.
The terms of any initial agreement, which will likely take the form of a brief joint statement if reached, will need to be approved by member states (EU - ed.). ... The statement will be seen as a step towards more detailed negotiations.
According to them, if an agreement is not reached, the EU will be ready to continue using its anti-coercion instrument – a "powerful trade tool" that will allow it to focus on other areas, such as market access, as well as restrictions on government contracts.
Recall
US President Donald Trump stated that the chances of concluding a trade agreement with the European Union are "50-50, maybe even less." He noted that for an agreement, Europe would have to lower its tariffs.