Latest news with #RimantasŠadžius
CNBC
3 days ago
- Business
- CNBC
A bare-bones deal is Europe's best hope in trade talks with the U.S., sources say
The clock is ticking in trade talks between Washington and the European Union, with European officials now saying their best hope is striking a "political" deal before a key July 9 deadline, three sources told CNBC. Concrete details of such a trade arrangement would have to be worked out at a later time. "The U.S. proposal from last week is aimed at an agreement in principle," one EU official, who did not want to be named due to the sensitivity of the talks, told CNBC, adding that this agreement in principle would then "be negotiated out into a proper trade agreement at a later stage." Previously close allies, the U.S. and EU have had a fractious relationship amid disagreements over trade and support for embattled Ukraine in the months since the start of U.S. President Donald Trump's second term. Tensions escalated in early April, when White House announced a spate of reciprocal tariffs against most global trade partners, including a 20% levy on the EU. All such duties have been temporarily reduced until July 9 to facilitate talks. The U.S. sent a new proposal to the EU's negotiating team last week. European negotiators are having face-to-face talks with their American counterparts later this week with the view to get a deal done in the coming days. Total bilateral trade in goods between the EU and the U.S. accounted for 851 billion euros ($1 trillion) in 2023, according to figures from the European Commission. European officials expect a new update on the negotiations Friday, but the situation is fluid. On Monday, European ambassadors had conversations about the state of play in the trade negotiations. Lithuania's Minister of Finance Rimantas Šadžius told CNBC on Wednesday that he is "slightly optimistic" there will be a trade compromise between both sided of the Atlantic. Despite this, sources told CNBC that, despite efforts to reach a trade compromise, the EU is preparing for any possible outcomes, including the return of reciprocal tariffs. "The general sense is that in the coming days and weeks, all outcomes, ranging from a successful deal on a framework agreement all the way to higher US tariffs with additional sectors, are still possible," the same EU official told CNBC. This sentiment was also shared by European Commission President Ursula von der Leyen last Friday. "We are ready for a deal. At the same time, we are preparing for the possibility that no satisfactory agreement is reached," she said at a press conference. The European Commission was not immediately available for comment when contacted by CNBC Wednesday about an update to the talks. Another EU official, also speaking to CNBC on the condition of anonymity, said there is an awareness in Brussels that it is almost impossible to return to the trade relationship that the EU and U.S. enjoyed before the April 2 announcement of reciprocal tariffs. A third EU official, who also chose to speak anonymously, told CNBC that there is a risk that the outcome of the talks will be an "asymmetrical" deal, under which the EU will not escape some additional U.S. levies. Nonetheless, the bloc is looking to get concessions in critical areas for its economy, including automotive, semiconductors and pharmaceuticals, all three sources confirmed. The first EU official added that some member states will only agree to a deal in principle if there is a commitment from the Trump administration to "upfront tariff relief." The European Commission, the executive arm of the EU, negotiates trade with other parts of the world, but its proposals and position reflects the thinking of the 27 capitals.
CNBC
3 days ago
- Business
- CNBC
Fiscal coordination is fundamental task of the Eurogroup, says Lithuanian finance minister
Rimantas Šadžius, Lithuania's finance minister and Eurogroup presidential candidate discusses his bid for the Eurogroup presidency, European fiscal policy and defense spending.
Irish Times
27-06-2025
- Business
- Irish Times
Paschal Donohoe faces contest to stay on as Eurogroup chair
Minister for Finance Paschal Donohoe faces a contest to secure a third term as president of the Eurogroup , with two other ministers putting their names forward for the position. Spanish economy minister Carlos Cuerpo and Lithuanian finance minister Rimantas Šadžius are the other two candidates standing in the Eurogroup election. The Eurogroup brings together the finance ministers from the 20 euro zone countries to co-ordinate economic policy, with the president tasked with chairing the meetings. Ministers had until Friday to put their name forward and an election will take place at the next Eurogroup meeting on July 7th. Mr Donohoe had previously indicated he would be running for a third term. READ MORE Mr Cuerpo and Mr Rimantas Šadžius had both been sounding out levels of support to stand against Mr Donohoe in recent weeks. Those in Mr Donohoe's camp are confident of having locked up the backing of more than a dozen capitals. Eleven votes will be needed to clinch the job. Over recent months Mr Donohoe has been busy shoring up support to stay on in the EU role. [ Donohoe 'grateful for strong support' to continue as Eurogroup president Opens in new window ] Mr Donohoe was first elected to the influential role in 2020, beating candidates from Spain and Luxembourg. He was re-elected unopposed in 2022 for a second term. The president, who chairs the meetings of finance ministers, holds the role for two-and-a half years. The longest serving Eurogroup chair was former Luxembourg prime minister and European Commission president Jean-Claude Juncker, who was in the position from 2005 to 2013. Mr Donohoe previously said he had received a 'strong level of support' from finance counterparts in other countries, to remain on as Eurogroup chair. He had indicated he would be interested in a third term earlier this year. Many ministers whose parties sit in the same European grouping as Fine Gael, the centre-right European People's Party (EPP), are supportive of Mr Donohoe remaining in the job.
