BRUSSELS: The European Union still aims to reach a trade deal with the United States by Jul 9 after Commission President Ursula von der Leyen and US President Donald Trump had a “good exchange”, a Commission spokesperson said on Monday (Jul 7).
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off the imposition of sweeping tariff hikes on the United States’ largest trading partner.
The clock is ticking down on a deadline for countries around the world to conclude deals with the US after Trump unleashed a global trade war that has roiled financial markets and sent policymakers scrambling to protect their economies.
TRUMP TOUTS TARIFF PROGRESS
As he keeps much of the world guessing, Trump on Sunday said the US was close to finalising several trade pacts in coming days and would notify other countries by Jul 9 of higher tariff rates. He said they would not take effect until Aug 1, a three-week reprieve.
He also put members of the developing nations’ BRICS group in his sights as its leaders met in Brazil, threatening an additional 10 per cent tariff on any countries aligning themselves with the “anti-American” policies.
The BRICS group comprises Brazil, Russia, India and China and South Africa along with recent joiners Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome. It had already dropped hopes for a comprehensive trade agreement before the July deadline.
“We want to reach a deal with the US We want to avoid tariffs,” the spokesperson told reporters at a daily briefing. “We want to achieve win-win outcomes, not lose-lose outcomes.”
