The European Union plans to share proposals with the United States next week to initiate trade negotiations, according to financial news agency Bloomberg on Thursday.
The document will include suggestions to reduce tariffs and other trade barriers. The EU also aims to discuss boosting European investments in the US. Additionally, the EU seeks cooperation on global issues, such as China's dumping of steel.
A European Commission spokesperson, when contacted by Bloomberg, declined to comment. Sources suggest these plans could change, as consultations with EU Member States are ongoing. Should negotiations fail, the EU may consider retaliatory measures.
After implementing a 25% tariff on steel and aluminium, US President Donald Trump announced in early April reciprocal tariffs of 20% on most European goods, as well as 25% on cars and parts.
Subsequently, President Trump paused these tariffs for 90 days, prompting the European Commission to suspend its own countermeasures to facilitate negotiations.
