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EU urges US to restore trade deal tariffs as anniversary nears
EU and US Trade Deal Developments
EU’s Call for Swift Restoration of Tariffs
BRUSSELS, May 5 (Reuters) – The European Union’s trade chief has urged the United States to swiftly restore the tariffs agreed in last year’s EU-US trade deal, the European Commission declared on Tuesday.
Importance of Anniversary Deadline
The Commission added that it would be beneficial if the main terms of that deal were in place ahead of its one-year anniversary at the conclude of July.
Key Concerns and Recent Discussions
Meeting Between Sefcovic and Greer
Maros Sefcovic met U.S. Trade Representative Jamieson Greer in Paris on Tuesday, with U.S. President Donald Trump’s threat to increase tariffs on EU cars and trucks to 25% among the EU’s main concerns.
Focus on Car Tariffs
The Commission declared the two men had held a one-and-a-half hour discussion on the most pressing aspects of the trade agreement. Trump declares he is hiking car tariffs becautilize the European Union is not complying with the deal’s terms.
Timeline for Implementation
The EU executive declared Sefcovic had updated Greer on the likely timeline for the EU to implement the removal of EU duties on imported U.S. industrial goods, as the two sides agreed last year. That is unlikely to be before June.
Tariff Terms and Legal Challenges
Return to Turnberry Terms
“At the same time, he called for a swift return to the agreed Turnberry terms, i.e. a 15% all-inclusive tariff rate, with the agreed carve-outs for the EU,” the Commission declared.
Impact of U.S. Supreme Court Ruling
The U.S. Supreme Court struck down the previous global tariffs in February and Washington replaced them with a blanket 10% surcharge on top of existing duties. In some cases, EU goods therefore face a U.S. tariff above 15%.
Looking Ahead
Future Engagements and Anniversary Goals
“It would be beneficial for the main features of the deal to be in place ahead of its one-year anniversary,” the EU executive continued, adding that Sefcovic and Greer had agreed to step up engagement.
(Reporting by Philip Blenkinsop and Makini BriceEditing by Gareth Jones)
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