Eu Urged for Swift U.s. Trade Deal by German Chancellor Merz
German Chancellor Friedrich Merz has called for the European Union to pursue a quick trade deal with the United States, citing economic pressures from looming tariffs. During an EU summit, Merz emphasized the need for efficiency over complexity. Discussions also touched on revamping global trade frameworks and resolving internal EU differences.
In a bid to stave off economic pressure, German Chancellor Friedrich Merz advocated for a swift trade agreement between the European Union and the United States, highlighting urgency over complexity. Merz's remarks came at the conclusion of an EU summit in Brussels, underscoring the ticking clock before impending tariff resumption.
Addressing the media, Merz pointed out the looming July 9 deadline, emphasizing that formulating a detailed trade partnership is impractical in such a short span. German industries, already strained by high tariffs, face mounting economic challenges.
Further complicating trade discussions, Merz disclosed that European Commission President Ursula von der Leyen proposed developing a new trade organization to eventually replace the World Trade Organization (WTO). This initiative aims to incorporate dispute resolution mechanisms, addressing the current ineffectiveness of the WTO. Meanwhile, differences persist among EU members regarding the Mercosur trade pact, despite Merz's dialogue with French President Emmanuel Macron, who remains cautious.
(With inputs from agencies.)
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