In the customs dispute, the EU offers to spend 50 billion euros more for American products in the future. According to the EU Commission, the trade deficit is compensated for with the USA.
In view of the impending US criminal offense, the EU Commission promises the United States a trade offer of 50 billion euros. Purchases of liquid gas (LNG) or agricultural products such as soybeans from the USA could quickly contribute to reducing bilateral trade deficits, said EU trade commissioner Maros Sefcovic in an interview with the newspaper Financial Times.
From the EU’s point of view, the trade deficit with the USA would be compensated for. According to the EU, this amounts to around 50 billion euros per year between the 27 EU countries and the United States. The EU wants to counteract an escalation of the transatlantic trade conflict. Sefcovic also sees “certain progress” in the negotiations.
EU does not want to accept high tariffs
Nevertheless, the trade commissioner emphasized that Brussels did not consider higher US tariffs – in particular a ten percent levy as a new lower limit – as an acceptable solution. “This is a very high level,” he said. The EU is not ready to agree to a deal that permanently fixes such tariffs.
At the beginning of April, US President Donald Trump announced additional tariffs from at least ten percent on imports from almost all countries and promised for certain partners – including the EU – “reciprocal”, i.e. mutual, measures of 20 percent. These are currently exposed to a 90-day negotiation period.
Evaluation necessary by July
Without agreement, extensive tariffs could come into force from July. In response, the EU has placed on US goods worth 21 billion euros by July 14th – products such as motorcycles, poultry and textiles are affected by July 14th.
Sefcovic emphasized that the Member States were willing to support new retaliation if there is no agreement. “We will work carefully with every member state to find a unanimously supported answer,” he said.
