The EU can solve the tariff showdown ‘very quickly’ by spending an extra $56 billion on American products
EU countries have pledged to spend more than $ 56 billion on American products to stop exhibition with US President Donald Trump, EU Commissioner Maros Sepkovic said Financial Times: Published on Thursday.
Sepkovich, who led negotiations with the US administration, said that “some progress” was made, but the European Union would not accept 10% of the United States.
Sepkovic said that taking into account the services, the trade deficit of 27 EU countries is about 50 billion ($ 56 billion) a year.
“If what we look at a deficit is 50 billion euros, I believe we can really..
Trump said the deficit is several hundred billion dollars a year and forced 25 percent of the EU cars, aluminum and steel. Other products have a 10 percent tariff.
From the very beginning, the US President has imposed 20% of the EU on EU products, but it has been suspended until July, and negotiators are now trying to avoid the full trade war of tariffs.
Sepkovich said that even the 10 percent base tariff would be a “very high” level, which the EU could not accept.
The Commissioner said that before both sides had a greater picture of the other person, it would be “very difficult” to reach a transaction, which was “clear well and acceptable for our member states and our European Parliament.”
This story was originally shown Fortune.com
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