The European Union remains “fully committed” to reaching a trade agreement with the United States, despite recent twists and turns in the negotiations. EU Trade Commissioner Maros Sefcovic emphasized the bloc’s dedication to a mutually beneficial deal after holding discussions with top US officials, including US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer.
The talks come against the backdrop of US President Donald Trump’s threat to impose 50% tariffs on EU goods, which was later postponed until July 9 following a phone call with EU Commission President Ursula von der Leyen. The EU has been critical of Trump’s trade policies, with European Central Bank President Christine Lagarde criticizing Trump’s “terrible language” about the European Union.
Sefcovic’s comments underscore the EU’s willingness to engage in constructive negotiations, while also defending its interests. The EU has already been subject to a 10% tariff imposed by Trump in April on imports from nearly every country around the world. In response, Brussels is consulting with member states on plans to impose tariffs on US goods worth nearly €100 billion if negotiations fail to produce a deal.
The EU’s trade deficit in goods with the US was $236 billion in 2024, although the bloc calculates that the overall US trade deficit, including services, stood at $57 billion. Sefcovic has suggested that the EU could cover this figure by buying US liquefied natural gas and some farm products. With the deadline for potential tariffs looming, both sides are working towards a resolution, highlighting the complexities and challenges inherent in international trade negotiations.
