D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
Investing.com -- The European Union is working toward a trade agreement with the United States but faces challenges in securing immediate tariff relief and protection against new trade measures, according to Bernd Lange, head of the European Parliament’s trade committee.
Speaking on Wednesday, Lange indicated there might be room for understanding on tariffs affecting steel, automobiles, and potential exceptions from baseline tariffs. While not directly involved in negotiations, Lange maintains contact with the negotiating team.
The European Commission is aiming to reach a framework agreement with the United States by August 1, representing the interests of all 27 EU member states.
Currently, the EU faces significant U.S. tariffs: 50% on steel exports, 25% on cars, and a general 10% tariff on most other exports. Additionally, a 50% tariff on imported copper is imminent, with new levies expected soon on semiconductors and pharmaceuticals.
Lange stated these tariffs are unacceptable to the EU as they target the bloc’s industrial development. He identified two main priorities in the negotiations: securing lower tariffs immediately upon reaching a framework agreement rather than waiting for a final accord, and establishing a "stand-still clause" that would prevent further U.S. trade measures against the EU.
According to Lange, the United States has not yet made any commitment on these critical issues.