France Urges Extension in EU-U.S. Trade Talks Deadline

France's finance minister has proposed extending the deadline for EU-U.S. trade talks past July 9, aiming for a stronger agreement amidst uncertain negotiations. U.S. President Donald Trump, who set the deadline, has cautioned that failure to reach an agreement could result in increased tariffs on goods, including automobiles and pharmaceuticals.

The progress of negotiations between these significant trading entities remains ambiguous. Insider sources suggest European officials expect a 10% "reciprocal" tariff, instituted by Washington in April, to serve as a baseline for any deal. French Finance Minister Eric Lombard expressed optimism about reaching a consensus while emphasizing the need for more time to achieve a beneficial deal.

During an EU summit, French President Emmanuel Macron highlighted France's desire for a swift and balanced trade agreement, refusing any unequal terms. Discussions involved a new U.S. proposal, though the European Commission withheld the details. Additionally, Lombard mentioned the possibility of enhancing U.S. gas imports as a part of the trade deal, potentially to substitute imports from Russia.