EU Seeks $50 Billion Trade Deal with US, Says Bloomberg
The proposed trade deal aims to boost US exports to the EU, with a focus on energy and agricultural products, and could help to ease tensions between the two trading partners, as reported by Bloomberg.
The European Union is making progress towards a €50 billion trade deal with the US, aiming to address the trade imbalance between the two countries, with a focus on purchasing liquefied natural gas and agricultural products like soyabeans.
The trade relationship between the EU and US has been strained since the Trump administration imposed 10% tariffs on all EU goods, prompting the EU to retaliate. Despite a 90-day pause in tit-for-tat retaliation, Washington still imposes a 10% tariff on all EU goods, and the EU is considering imposing tariffs on nearly €100 billion worth of US goods in response.
The European Commission's top trade official, Sabine Weyand, is meeting with US officials in Washington to discuss the issue, while the EU's trade chief, Maroš Šefčovič, has warned that Trump's trade war could impact €549 billion of EU exports. The EU has been seeking to remove the tariffs on steel, aluminum, and cars, but talks have not progressed.
Reaching an acceptable deal for EU member states and parliament will be challenging, but the EU is committed to finding a solution to the trade imbalance and promoting a stable trade relationship with the US, according to Šefčovič.