Europe and the United States are currently involved in negotiations in Paris regarding a tariff dispute that has substantial global economic implications. EU's chief trade negotiator, Maroš Šefčovič, and U.S. Trade Representative Jamieson Greer are discussing pathways to settle tensions that were heightened by recent tariff announcements. The EU proposes a 'zero for zero' tariff agreement, but disagreements remain over practices contributing to a growing trade deficit, exemplified by Trump's complaints against EU tariffs on cars. While progress is being made, a formal trade agreement is not anticipated soon.
We're advancing in the right direction at pace," Šefčovič said at a news conference. He said ongoing technical meetings between EU and U.S. negotiators in Washington would be soon followed by a video conference between himself and Greer to then "assess the progress and charter the way forward.
President Donald Trump regularly fumes about America's persistent trade deficit with the European Union, which was a record $161 billion last year, according to the U.S. Commerce Department.
The EU has offered the U.S. a "zero for zero" deal in which both sides end tariffs on industrial goods, including autos. Trump has rejected that idea, but EU officials say it's still on the table.
After the Trump administration's surprise tariffs last week on steel rattled global markets and complicated the ongoing, wider tariff negotiations between Brussels and Washington, the EU on Monday said it is preparing "countermeasures" against the U.S.
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