The European Union is ready to engage in discussions with the United States about reducing its 10 percent tariff on cars as part of broader negotiations to prevent a transatlantic trade conflict, announced a top European Union official on Wednesday.
EU Trade Commissioner Maroš Šefčovič mentioned at an event hosted by the American Enterprise Institute that the EU is prepared to consider a more extensive deal with President Trump, potentially covering tech regulations and non-trade issues like defense spending by EU member states.
Trade Tariffs and Negotiations
President Trump has criticized the EU's 10 percent car tariff, contrasting it with the United States' 2.5 percent tariff, and has threatened reciprocal tariffs. Šefčovič defended the EU's tariff rates, pointing out similar average rates on industrial goods between the EU and the United States.
Šefčovič highlighted the U.S. trade surplus in services with the EU, balancing the perceived trade deficit in goods. He expressed willingness to retaliate against sweeping tariff actions while emphasizing the importance of a strong transatlantic trade relationship.
Upcoming Meetings and Tech Regulation
Šefčovič planned to meet with key U.S. officials to promote the benefits of transatlantic trade for businesses on both sides. Discussions would cover possible tariff negotiations and tech regulatory issues.
Regarding tech regulations, Šefčovič affirmed the EU's willingness to engage in dialogues with the U.S. on 'Big Tech' matters while defending existing regulations such as the Digital Services Act and the Digital Markets Act.
International Trade Relations
Discussing the World Trade Organization (WTO), Šefčovič emphasized the need for WTO reforms to address digital services and the challenges posed by non-market economies like China. He stressed the importance of collaborative efforts with the United States in shaping global trade rules.
As discussions progress, Šefčovič aims to maintain economic stability and certainty for businesses on both sides of the Atlantic while fostering a constructive dialogue with the Trump administration.
0 Comments