According to Bloomberg, EU and US delegates have again tried to agree on a trade deal by August 1 to avoid the threat of 30 percent tariffs on European exports, which Trump promised to impose earlier this month. Brussels is ready to accept terms that are more favorable to the countries, to meet the deadline, even though the parties have not yet reached a breakthrough after weeks of negotiations.
Meanwhile, the EU is already preparing its response: counter-tariffs if a deal is not reached by August 1. French Finance Minister Eric Lombard has warned that the EU will defend its economy.
The US is proposing to impose a single tariff of more than 10% on EU imports, except for aviation and medical products, generic drugs, certain beverages, and equipment. Steel and aluminium quotas are also being discussed, as are changes to supply chains.
US Commerce Secretary Lutnick has expressed confidence that a deal will eventually be struck because “open markets are better than high tariffs.”
