Earlier today, German newspaper Handelsblatt reported that the European Union was willing to accept a 10% baseline tariff for all exports to the U.S. if it meant that it could avoid higher tariffs on cars, drugs, and electronics.
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EU Chief Spokesperson Paul Pinho said that the report’s claims are “speculative and do not reflect the current state of discussions” to POLITICO. He added that the U.S. and EU continue to negotiate trade terms and have not yet reached a conclusion. “From the start, the EU has objected to unjustified and illegal U.S. tariffs,” said Pinho.
EU Urges President Trump to End Tariffs
During the Group of Seven (G7) summit in Canada today, European Commission President Ursula von der Leyen urged world leaders to avoid “protectionist measures” while keeping trade “fair, predictable, and open.” Furthermore, European Council President António Costa said that the EU wouldn’t be able to satisfy Trump’s request for increased defense spending if it has to fight a trade war at the same time.
In 2024, the U.S. exported $370.2 billion of goods to the EU and imported $605.8 billion, resulting in a goods trade deficit of $235.6 billion.
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