The trade standoff between the US and the European Union is intensifying, as negotiations on the possible abolition of tariffs did not bring the desired result, informs Bloomberg.
Efforts by Washington and Brussels to reduce tensions in trade relations have proved ineffective. Representatives of Donald Trump’s administration have made it clear that the US does not plan to lift most of the existing restrictions against the EU.
EU Trade Commissioner Maros Šefčovič held talks in Washington with Trade Minister Howard Lutnik and Trade Representative Jamieson Greer. However, after the meeting, Šefčovych did not receive clear signals about further steps from the US.
The American side emphasized that the 20% “reciprocal” tariffs, which were temporarily reduced to 10% for 90 days, as well as other barriers — in particular on the import of cars and metal products — will remain in effect. The tariffs imposed by the Trump administration are estimated to cover an estimated €380 billion (about $431 billion) in European exports.
We will remind that last week the US president announced the postponement of new trade measures for three months, after which the EU made a similar decision. In Brussels, it was explained that the restrictions apply to American goods worth about 21 billion euros. If no compromise is reached, the tariffs will take effect after the 90-day period.
While negotiations continue, the EU is actively developing possible countermeasures, while concluding new trade agreements with international partners and working to improve the efficiency of the internal market.
