Trump’s tariffs deadline is looming for Europe. Here’s where things stand
Cargo shipping containers are waiting for the container ships at the Burchardkai container terminal in Hamburg port of North Germany on June 3, 2025 by a crane.
Fabian Bimmer | AFP | Getty Images
All eyes are negotiating between the US and the European Union, which makes a trade agreement with only days before Washington’s tariffs enter into force.
If trade partners cannot reach an agreement until July 9, when the President of the USA Donald Trump is reorganized for a 90-day reorganization called mutual tariffs, the EU goods imported to the USA can be hit by up to 50%. Rishings targeting a wide variety of US goods temporarily waiting for the EU can follow a short time after retaliation measures.
The US-EU trade relationship is one of the most important relations in the world, which constitutes approximately 30% of global property trade. Council of Europe. Medical and pharmaceutical products, highway vehicles and petroleum products are some of the most traded products.
In 2024, the Council of Europe said that the trade between the two transatlantic partners was considered to be about 1.68 trillion euros ($ 1.98 trillion), considering both the goods and services.
The EU recorded a surplus of 198 billion euros when it comes to goods, but approximately 148 billion euros for service trade – so the block generally had a trading surplus of about 50 billion euros in 2024.
Trump repeatedly caused problems with the trade relationship between Washington and Brussels, claiming that it was unfair and accusing the EU of taking advantage of the USA
Slow moving negotiations
It turned out that the US-EU negotiations were difficult and slow to gain ground. Sources told the CNBC that the political agreement of the naked bones, which were slightly to the details, could be the best hope of the EU.
The European Commission President Ursula von was reiterating on Thursday.
“What we aim is in principle is an agreement.”
Von der leyen also reiterated that “all instruments on the table” if any agreement could not be reached.
European Trade Commissioner Maros Sefcovic by the way Social Media Post On Friday, Washington said he had spent a “productive” week, which met with various US officials at DC.
“The work continues. Our goal remains unchanged: a good and ambitious transatlantic trade agreement,” he said.
US Treasury Secretary Scott Bessent seemed more hesitant about the possibility of a trade agreement before the deadline.
CNBC’s “Squawk on the street” on Thursday, “We will see what we can do with the European Union,” he said.
Is an agreement coming?
Speaking with CNBC, experts seemed skeptical about the possibility of a full -fledged agreement.
US Ambassador to EU Ambassador Anthony Gardner, CNBC’s “Squawk Box Europe” on Friday, Von der Lenin said that he excluded a all -inclusive agreement.
“The detailed agreement is what he says: detailed. [because] Full trade agreements are thousands of pages, but what we can see is the presidents of terms as the United States signed with England. “
“This is possible, but I don’t think the real content will be similar,” Gardner added.
