WORLD’S LARGEST TRADE RELATION
But diversifying away from the US is not an easy task.
In 2023, transatlantic trade in goods and services between the EU and the US reached €1.6 trillion. This represents approximately 30 per cent of global trade.
“It’s a massive trade,” said Sefcovic of the world’s largest trade relation.
“So I am absolutely convinced that we should be able – as allies, strategic partners – to find the solution to this problem, and this is what we are doing.”
The EU will announce on Thursday more details of its proposed countermeasures to US tariffs, should negotiations with Washington fail.
The 27-nation bloc faces 25 per cent US import levies on its steel, aluminium and cars. It also faces reciprocal tariffs of 10 per cent for almost all other goods, which could rise to 20 per cent.
The duties have been paused until Jul 8, after Trump announced a 90-day suspension of reciprocal tariffs.
Sefcovic previously said US tariffs now cover 70 per cent of EU goods trade to the US.
The EU has offered its willingness to negotiate a “zero-for-zero” tariff agreement on industrial goods with the US, and is ready to work together on common standards such as “the real level of deficits”.
Sefcovic said the EU has been holding talks with his US counterparts to understand the aim of the new American trade policy. He expressed belief that goodwill and well-established structures are needed to tackle the underlying issues.
“I think that the whole world was surprised by these high tariffs, which, of course, we do not welcome. We’ve been very clear,” he added.
“These tariffs are unjust, they’re unfair. We cannot accept them as they are.”
However, he noted that both the EU and the US share the same interests in wanting to reindustrialise their economy.
“We are both fighting huge dependencies, be it on critical raw materials, be it on precursors for the pharmaceutical production, or be it on some specific technologies if it comes to the semiconductors,” he added.
