The European Union is making significant progress toward securing a €50 billion trade deal with the United States, according to EU Trade Commissioner Maroš Šefčovič.
The proposed deal would involve the EU purchasing €50 billion more in U.S. products, aiming to reduce the trade deficit between the two. Šefčovič pointed to sectors like liquefied natural gas (LNG) and agricultural products, such as soybeans, as key areas for increased U.S. exports to Europe. He expressed confidence that these measures could quickly address the deficit issue, noting that discussions were ongoing with U.S. officials, including U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.
However, Šefčovič suggested that any substantial trade arrangement would require the Trump administration to remove its existing 10% tariffs on European goods, which were imposed as part of broader trade policies. These tariffs, which remain in place after a brief delay of reciprocal measures in April, have been a point of contention between the EU and the U.S. government.
The situation remains complex, with Šefčovič acknowledging that reaching an acceptable deal for EU member states and parliament would be challenging. The trade relationship between the EU and the U.S. has been fraught with tension, especially following the Trump administration's imposition of tariffs on steel and aluminum, to which the EU responded with its own set of countermeasures.
The uncertainty surrounding the trade negotiations has left global markets and governments concerned about the future of transatlantic commerce, with many waiting for a clearer resolution. The EU has repeatedly emphasized its desire to give negotiations a chance, as EU Commission President Ursula von der Leyen put it during a previous 90-day pause on countermeasures against the U.S.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 15 March, covering the latest developments you need to know.
Top U.S. and Chinese economic officials launched a new round of talks in Paris on Sunday (15 March) to resolve issues in their trade truce. The discussions aim to smooth the way for U.S. President Donald Trump’s visit to Beijing to meet Chinese President Xi Jinping at the end of March.
Senior officials from the United States and China met in Paris this week for a new round of trade talks, as the world’s two largest economies attempt to manage their economic rivalry and avoid further tensions.
Court documents released on Monday (16 March) revealed that the British Broadcasting Corporation (BBC) has asked a U.S. judge to dismiss President Donald Trump's $10 billion defamation suit over a 2024 documentary, arguing his re-election proves the edited 2021 speech did not harm his reputation.
Polish fighter jets intercepted a Russian reconnaissance aircraft over the Baltic Sea on Friday (13 March), according to Poland’s Operational Command.
Russia has imposed a fine of 35 million roubles (around $432,366) on the messaging platform Telegram for failing to remove content deemed illegal by the authorities, according to the Interfax news agency.
Madagascar's president, Michael Randrianirina announced the appointment of anti-corruption chief Mamitiana Rajaonarison as prime minister, six days after dismissing the previous premier along with the entire cabinet.
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