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Investing.com -- European Trade Commissioner Maros Sefcovic has revealed plans for Brussels to increase its purchases of goods from the United States by 50 billion euros ($56.46 billion). This move is aimed at addressing a perceived imbalance in the trade relationship between the two economic powerhouses. Sefcovic indicated that the bloc is making progress towards finalizing a deal, according to a report by the Financial Times.
Sefcovic, during an interview, expressed that the EU would not consider the U.S. maintaining 10% tariffs on its goods as an acceptable conclusion to the ongoing trade discussions. The U.S. had previously imposed 25% tariffs on EU cars, steel, and aluminum in March, and 20% tariffs on other EU goods in April. However, these tariffs were reduced by half until July 8, providing a 90-day window for the two parties to negotiate a more comprehensive tariff agreement.
In a bid to foster these negotiations, the 27-member EU suspended its plans to impose retaliatory tariffs on some U.S. goods. The bloc also proposed zero duties for all industrial goods on both sides. Sefcovic suggested that the trade deficit problem could be quickly resolved through purchases of liquefied natural gas (LNG) and agricultural products like soybeans, among other areas.
Despite the optimistic outlook, Sefcovic also highlighted the challenges of reaching a deal that would be acceptable to all EU member states and the European parliament, stating that it would be "very difficult". The European Commission, which negotiates trade measures on behalf of the EU’s member states, is leading these discussions.
In addition to addressing the trade deficit, the EU has also expressed willingness to collaborate with the U.S. to counter the impact of China’s export surge. This is seen as an additional incentive for reaching a trade agreement, as stated by the trade chief.
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