Behind Closed Doors: EU and US Trade Talks Enter Critical Phase
The EU and the US are in challenging trade negotiations, with Europe aiming for a more comprehensive deal than the UK achieved. Despite tariffs imposed by the Trump administration, the EU hopes to avoid a trade war and secure a substantial agreement while the US seeks reduced non-tariff barriers.
The EU and US find themselves at a pivotal moment in trade negotiations. European trade officials, confident in the bloc's market strength, seek a comprehensive deal with Washington, distinguishing their approach from the UK.
At stake is a $1.7 trillion relationship, which the EU fears could transition into a trade war. Washington has already implemented tariffs on steel, aluminum, and more, urging the EU to lower its non-tariff barriers, such as VAT and food regulations.
Despite ongoing challenges, both sides are under pressure to reach an agreement, as stakeholders on both continents await the outcome. Pressure from Wall Street may help contain tensions as officials work to protect broader trade ties, valued at $9.5 trillion annually.
(With inputs from agencies.)
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