EU-US, close to trade agreement/ US officials are "optimistic" that a deal could be close
German Chancellor Friedrich Merz said negotiations between the European Union and the United States on a trade deal were making progress. Speaking in Berlin with French President Emmanuel Macron, Merz said: "We have heard in the last few minutes that there could be decisions," referring to talks aimed at avoiding high tariffs on European goods.
The United States has threatened to impose a 30 percent tariff on EU exports if a deal is not reached by August 1. But hopes for a breakthrough rose this week after reports that the two sides are close to a deal that would impose a 15 percent tariff rate on EU goods - a compromise similar to a recent agreement between the US and Japan.
Macron said European leaders and the European Commission had been in “constant contact” to coordinate their response to US pressure. He added: “We want the lowest possible tariffs, but also to be respected as the partners that we are.”
US Treasury Secretary Scott Bessent reiterated the optimism, saying that talks were "going better than before" and that progress was being made.
Further discussions took place on Wednesday between EU Trade Commissioner Maroš Šefčovič and US Commerce Secretary Howard Lutnick, while European Commission officials briefed EU member states following the latest round of discussions.
Diplomats say the recent agreement between Washington and Tokyo has increased pressure on Brussels to accept a compromise.
If finalized, the EU-US deal could include some exemptions, such as for aircraft, medical equipment and alcoholic beverages. However, the European Commission, which leads trade policy for the EU, has already prepared a plan to retaliate with more than $100 billion in tariffs if the talks fail.
This comes as EU exporters have already faced a 10 percent tariff on goods shipped to the US since April, in addition to previous taxes.
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