The EU countries agree that import tariffs can be imposed on American products if there is no trade agreement with the United States by August 1. It would be a package of counter-tariffs worth 72 billion euros.
However, the national governments of the member states hope that it will not come to that and that there will still be a deal between the European Union and the US. That is why on Monday they also gave their support to European Commissioner Maros Sefcovic to continue the negotiations. He said that an agreement is close, but that both parties are needed for a deal.
US President Donald Trump wants to impose import duties of 30 percent on EU products if no deal is reached. This would mean that American companies will have to pay 30 percent tax if they import European goods. That is higher than the current levy of 10 percent. Some suspect that Trump is threatening higher levies to put pressure on Brussels to reach an agreement.
The tricky thing about the negotiations is currently that it is unclear what Trump and the Americans exactly want. Brussels has already made several proposals, including the lifting of all mutual sanctions. The Americans would only want to talk about lowering tariffs if the EU adjusts its rules for tech companies or changes standards for safety and health, EU sources told the ANP.
According to Sefcovic, the EU shows “enormous patience and enormous creativity to come up with solutions” for the US. The Slovak European Commissioner will be in talks with the US trade delegation later in the day.