In what could be a major development for both nations, Europe is reportedly preparing a €50 billion trade offer for the US and President Donald Trump. Indeed, European Union (EU) trade commissioner Maroš Šefčovič recently told The Financial Times that both sides are making “certain progress” towards a deal.
Since the Trump administration instituted a 10% baseline tariff on all countries, there has been a mad dash for nations to strike a trade deal with the United States. Now, the EU has emerged as nearing an agreement that would eliminate the import duty increase. Moreover, it should take another step toward balancing US trade.
JUST IN: 🇪🇺🇺🇸 Europe says they're preparing a €50 billion trade offer for President Trump.
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EU Preparing New Trade Deal to Eliminate US Tariffs
In early April, the United States announced the arrival of a new America-first tariff plan. Its purpose was to balance the country’s global trade, requiring all nations to come forth and negotiate a new agreement. Despite contention on both sides, the US and EU have made continued progress toward that very deal after meeting just weeks ago.
That could finalize into an agreement in the near future, as the EU commissioner has confirmed a proposal is at the ready. Indeed, Maroš Šefčovič confirmed that Europe is preparing a €50 billion trade deal for US President Trump that would eliminate the presence of the ‘Liberation Day’ tariffs.
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Specifically, Brussels is proposing an increase in the purchase of US goods by €50 billion to address the “problem” in the two sides’ trade relationship. Speaking to the media, Šefčovič noted that his “ambition” is to still reach a “balanced and fair” deal with the United States.
“If what we are looking at as a problem in the deficit is €50 billion, I believe that we can really… solve this problem very quickly through LNG purchases, through some agricultural products like soybeans, or the areas,” Šefčovič added.
Altogether, he noted that the most important part of ongoing discussions is his belief that both sides “understand each other a little bit better.” That understanding could help a trade deal come to fruition sooner rather than later.