The European Union is considering increasing its purchases of US goods by €50 billion to address trade relations with Washington, EU Trade Commissioner Maros Sefcovic said in an interview with the Financial Times.
Sefcovic noted that if the trade deficit amounts to €50 billion, the issue could be resolved swiftly by purchasing natural gas and certain agricultural products like soybeans.
The EU is in negotiations with the US administration to lift tariffs imposed by Donald Trump. Washington has already implemented 25% tariffs on cars, aluminium, and steel, and a 10% tariff on all other products.
Donald Trump claims Europe maintains a massive trade deficit with the US, estimating it at several hundred billion dollars, but the EU insists the shortfall is limited to €50 billion when services are included.
When asked about accepting a 10% baseline tariff in trade talks, Sefcovic responded that this was deemed “very high” by the EU, implying that Europe wants a deal that reduces tariffs further.
The trade commissioner warned that it will be “very difficult” to reach an agreement that satisfies all EU member States and the European Parliament.
Trade negotiations fall under the Commission’s remit.
Any agreement it reaches must be approved by all 27 member States and ratified by the European Parliament.
