EPA
The chief trade negotiator for the European Union stated that the 27-member bloc remains focused on achieving a trade agreement with the United States, emphasizing “mutual respect” as the foundation, rather than intimidation.
This statement comes in the wake of US President Donald Trump’s threatening remarks about imposing a 50% tariff on all goods imported from the EU.
“The EU is fully engaged and dedicated to crafting a deal that is beneficial for both parties,” stated Sefcovic following discussions with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.
“EU-US trade is unparalleled and should be navigated with respect, not coercion. We are prepared to defend our interests.”
Earlier on Friday, Trump expressed frustration regarding the slow progress of EU-US trade discussions, reaffirming his plan to increase tariffs starting June 1.
On his platform, Truth Social, Trump remarked, “Our negotiations with the EU are stagnant,” stating that products made in the US would not be subjected to these tariffs.
He elaborated to reporters, “I’m not seeking a deal—we have already established terms,” while hinting that a significant investment from a European firm in the US might prompt him to reconsider the timing.
The EU ranks as one of the largest trading partners of the US, contributing over $600 billion (€528 billion; £443 billion) in exports last year, while importing $370 billion worth of American goods, according to US government statistics.
In response to Trump’s tariffs, European leaders cautioned that higher tariffs could be detrimental to both economies.
Ireland’s Taoiseach (Prime Minister) Micheál Martin asserted, “We need to avoid such a path. Negotiation is the only sustainable solution.”
French Foreign Minister Laurent Saint-Martin stated, “We advocate for de-escalation but are ready to react.”
German Economy Minister Katherina Reiche emphasized the necessity for the European Commission to achieve a negotiated settlement with the United States.
Dutch Prime Minister Dick Schoof supported the EU’s approach in the trade discourse, noting the historical volatility of tariff negotiations with the US.
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Last month, Trump initially imposed a 20% tariff on most EU imports but later reduced it to 10% until July 8 to facilitate further negotiations.
Trump’s criticisms of Europe have largely targeted the imbalanced trade dynamics, where the EU exports more to the US than it imports.
He attributes this trade deficit to what he claims are inequitable policies affecting American businesses, especially regarding the automotive and agricultural sectors.
Trump has also cautioned Apple about a potential import tax of “at least” 25% on iPhones not produced in the US, later extending this warning to include all smartphones.
Following these announcements, shares in both the US and EU experienced declines, with the S&P 500 down approximately 0.7%, and Germany’s DAX and France’s CAC 40 dropping over 1.5% by the end of the trading day.