EU ‘fully committed’ to reaching US trade deal: Commissioner
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EU trade commissioner Maros Sefcovic says he will “stay in constant contact” after calls with top US officials.
PHOTO: REUTERS
BRUSSELS – The European Union remains “fully committed” to reaching a trade agreement with the United States, the bloc’s trade commissioner Maros Sefcovic said on May 26 following calls with top US officials.
The contacts come after US President Donald Trump threatened on May 23 – but then postponed – to hit EU goods with a huge tariff, voicing frustration that talks with the EU were “going nowhere”.
Mr Sefcovic said in a post on X that he had “good calls” with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer.
“We continue to stay in constant contact,” he added.
Mr Trump has called for eliminating the EU’s surplus in goods trade with the United States.
On May 23, he threatened to impose 50 per cent tariffs on the bloc from June 1, sending markets into a tailspin.
The US President had already hit the bloc with multiple waves of tariffs, including 25 per cent duties on cars, steel and aluminium.
The European Commission has been leading talks on behalf of the 27-country bloc in search of a mutually beneficial deal with Washington – though with little to show so far.
But Mr Trump agreed on May 25 to delay the heftier tariffs
While the dollar remained under pressure on May 26, European markets rallied
“The stock market seems to dance to Mr Trump’s tune: first a threat, then a pullback, quickly followed by a rebound as speculative investors anticipate a concession from the US president,” said Mr Jochen Stanzl, chief market analyst at CMC Markets trading platform.
European Central Bank President Christine Lagarde on May 26 criticised Mr Trump’s “terrible language” about the European Union, in response to his comments that the bloc was formed to “screw” the United States.
“It’s against history. And it’s certainly not the purpose of this region,” she said, urging negotiations on a deal.
The EU remains subject to a 10 per cent tariff that Mr Trump imposed in April on imports from nearly every country around the world.
Brussels is consulting with member states on plans to impose tariffs on US goods worth nearly €100 billion ($146 billion) if negotiations fail to produce a deal.
The US trade deficit in goods with the European Union was US$236 billion (S$303 billion) in 2024.
But when taking account of services, where US firms are dominant, the European Commission calculates that the overall US trade deficit stood at US$57 billion.
Mr Sefcovic has said that the European Union could cover that figure by buying US liquefied natural gas and some farm products. AFP
