US gas "solve" trade conflict with US - EU considers buying more US goods to remove tariffs
The European Union is considering proposing a $50 billion increase in European purchases of American products in a bid to resolve the "problem" in its trade relations with the United States, European Trade Commissioner and Brussels' chief negotiator, Maros Sefcovic, told the Financial Times.
"If we treat it as a problem of a 50 billion euro trade deficit, we can solve it very quickly by purchasing liquefied natural gas or some agricultural products, such as soybeans," Sefcovic explained.
The EU is currently conducting negotiations with the Trump administration to secure the removal of additional customs tariffs imposed by the US president.
Additional US tariffs of 25% have been applied to cars, aluminum and steel, as well as "base" tariffs of 10% on almost all other goods imported into the US market from EU member states.
Trump accuses the EU of deliberately maintaining the US's huge trade deficit, which he says amounts to hundreds of billions of dollars. However, Brussels counters by saying that the US trade deficit is much smaller, up to 50 billion euros, if you take into account the services that American companies provide to the European market.
Asked about the 10% tariffs, the Slovak commissioner said Brussels considers them at a "very high level" and would not accept an agreement that would keep them in force.
"It will be very difficult to reach a bilateral agreement that will be undoubtedly good and acceptable to our member states and our European Parliament," warned Maros Sefcovic.
Trade negotiations are the responsibility of the European Commission. Once an agreement is reached, it must be approved by the 27 member states and ratified by the European Parliament.
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