(Reuters) – European Trade Commissioner Maros Sefcovic said Brussels hopes to increase U.S. goods purchases by 50 billion euros ($56.46 billion) from U.S. to resolve “problems” in the trade relations, adding that the company reported in the Fiscal Times on Thursday that the BLOC had made “some progress” in reaching a deal.
Sefcovic said in an interview with the newspaper that the group would not accept 10% tariffs on goods from Washington as a fair trade negotiation solution.
The U.S. imposed a 25% tariff on EU cars, steel and aluminum in March and a 20% tariff on other EU goods in April. It then halved the 20% interest rate to July 8, setting a 90-day talks window to reach a more comprehensive tariff agreement.
In response, the 27 countries' EU suspended its plans to impose retaliatory tariffs on certain U.S. goods and proposed zero tariffs on all industrial products on both sides.
“If the problem we consider in the deficit is €50 billion, I believe we can solve this problem quickly by buying LNG, through some agricultural products like soybeans or other areas,” Sevkovic said.
However, Sefcovic warned that reaching a deal “is very difficult for our member states and our European Parliament that is obviously acceptable”.
The European Commission negotiates trade measures on behalf of EU member states.
The trade chief added that the EU is also willing to work with the United States to help address the impact of China's export growth as a sweetener for the trade deal.
($1 = 0.8857 euros)
(Reported by Mrinmay Dey in Bangalore, edited by Deepa Babington)
