EU and US optimistic about trade deal before July 9 tariff deadline
Investing.com -- The European Union and the United States are expressing confidence about reaching a trade agreement before the July 9 deadline, when significant tariffs are set to take effect on both sides.
European Commission President Ursula von der Leyen told EU leaders during a closed-door summit on Thursday that she believes a deal can be secured before the deadline, according to a report from Bloomberg, citing people familiar with the matter. This would prevent an economically damaging escalation between the two major trading partners.
Von der Leyen informed leaders that the Trump administration had presented a new proposal this week. During discussions, EU leaders reportedly showed greater willingness to accept some imbalance in a potential trade agreement to avoid a tariff war.
If no agreement is reached by July 9, the US plans to impose a 50% tariff on nearly all EU products, while the European bloc is prepared to implement its own set of countermeasures.
US Commerce Secretary Howard Lutnick shared similar optimism in a Thursday interview with Bloomberg TV. Lutnick noted that the EU had accelerated negotiations in recent weeks, establishing groundwork that could lead to an accord.
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