Today, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer are meeting with EU officials in Brussels for the first time since the EU and US finalized a trade agreement in July.
Before the 90 minute scheduled meeting, European ministers convened to address urgent trade concerns, such as restrictions on Chinese rare earths and chips.
European Trade Commissioner Maros Sefcovic said he did not expect any immediate breakthroughs to lower tariffs on steel and other products during talks with senior US trade officials.
“I think today it’s not about negotiations. It’s about a stock-taking exercise. And I think this is also about the political assessment of EU-U.S. bilateral relations,” he said.
Danish Foreign Minister Lars Lokke Rasmussen stated, “The Americans have wishes concerning Europe that don’t have much to do with trade, such as the structure of our entire digital regulatory framework. I’m not sure today will be the day we see major breakthroughs.”
Under the agreement reached between the two powers in July, the United States imposed 15% tariffs on most EU goods, while the European Union agreed to remove many of its duties on U.S. imports.
The two sides also committed to continue efforts to reduce other tariffs, such as the 50% duty on EU steel and aluminum. The EU has responded by imposing its own 50% tariff on steel imports exceeding a certain quota.
Leading into today’s meeting, EU diplomats say that the threat of new tariffs on trucks, critical minerals, planes, and wind turbines could undermine the July agreement.
Before the conclusion of trade negotiations, the EU aims to expand the range of its products, limited only by low pre-Trump tariffs, including wine and spirits, olives, pasta, medical devices, and biotech.
The EU is also prepared to discuss potential areas of regulatory cooperation, such as vehicles and energy, as well as joint efforts on economic security, especially in response to Chinese export controls.
By CEO NA Editorial Staff
