The European Union, represented by Ursula von der Leyen, has expressed its commitment to negotiate a trade agreement with the United States by setting a deadline of July 9. Following President Trump's frustrations over the negotiation pace, both parties are under pressure to reach a suitable agreement, particularly regarding tariffs that could impact global trade.
EU Sets Deadline for Trade Deal Negotiations with the US by July 9
EU Sets Deadline for Trade Deal Negotiations with the US by July 9
Ursula von der Leyen announces the EU's readiness to expedite trade discussions amid threats of increased tariffs from the US.
In a recent statement, Ursula von der Leyen, President of the European Commission, emphasized the EU's willingness to move "swiftly" in finalizing a trade deal with the US but insisted that an extension until July 9 was necessary to ensure a favorable outcome. This announcement came after a cordial phone conversation with US President Donald Trump, who recently expressed dissatisfaction with the progress of negotiations and threatened to impose steep tariffs of up to 50% on EU goods.
Earlier, Trump had introduced a 20% tariff on most EU products, later reducing it to 10% until the negotiations could be better established. Von der Leyen's remarks highlight Europe's intent to advance discussions and find mutual agreement amidst rising tensions surrounding trade practices.
"The EU is ready to advance talks swiftly and decisively," she asserted, reiterating the bloc's commitment to achieving a fair trade resolution. EU Trade Chief Maroš Šefčovič also reaffirmed that the EU remains fully engaged in the process and is dedicated to securing a deal that reflects respect and reciprocity.
Global trade dynamics have been strained through President Trump's long-standing critiques of the US-EU trading relationship, especially regarding automotive and agricultural products. Despite some temporary alleviations, existing tariffs on steel and aluminum remain a barrier to free trade. European leaders have cautioned against escalating tensions, suggesting that tariffs would adversely affect both economies.
With the EU also considering retaliatory measures on US imports valued at €95bn, the outcome of this negotiation will play a vital role in shaping future trade relations between these two major economies.
Earlier, Trump had introduced a 20% tariff on most EU products, later reducing it to 10% until the negotiations could be better established. Von der Leyen's remarks highlight Europe's intent to advance discussions and find mutual agreement amidst rising tensions surrounding trade practices.
"The EU is ready to advance talks swiftly and decisively," she asserted, reiterating the bloc's commitment to achieving a fair trade resolution. EU Trade Chief Maroš Šefčovič also reaffirmed that the EU remains fully engaged in the process and is dedicated to securing a deal that reflects respect and reciprocity.
Global trade dynamics have been strained through President Trump's long-standing critiques of the US-EU trading relationship, especially regarding automotive and agricultural products. Despite some temporary alleviations, existing tariffs on steel and aluminum remain a barrier to free trade. European leaders have cautioned against escalating tensions, suggesting that tariffs would adversely affect both economies.
With the EU also considering retaliatory measures on US imports valued at €95bn, the outcome of this negotiation will play a vital role in shaping future trade relations between these two major economies.
