EU Struggles Amidst US Trade Negotiation Deadlock
The EU is negotiating a trade agreement with the U.S., seeking immediate tariff relief and assurances against future tariffs. EU Parliament's trade committee head, Bernd Lange, stated challenges include high tariffs on steel, cars, and other exports, with no commitments yet from the U.S.
The European Union is making efforts to finalize a trade agreement with the United States, yet it faces hurdles in achieving immediate tariff relief and securing assurances against new tariffs, revealed Bernd Lange, the head of the European Parliament's trade committee, on Wednesday.
Despite not being a part of the EU's negotiating team, Lange indicated potential for progress, particularly concerning tariffs on steel and cars, and possible exceptions from standard tariffs. The European Commission, negotiating for the EU, aims to reach a framework agreement by August 1, amid substantial tariffs imposed by the U.S. on essential exports like steel and cars.
Lange noted that securing lower tariffs at the agreement's inception rather than post-finalization is a priority for the EU, along with a 'stand-still clause' to prevent further measures. As of now, the U.S. remains uncommitted to these requests.
(With inputs from agencies.)
Google News