The European Union’s top negotiator, Maros Sefcovic, said all 27 members wanted to negotiate but were prepared to retaliate if a deal could not be reached.
The European Union’s top negotiator, Maros Sefcovic, has said he believes the 27-member bloc could close the trade gap with the United States by agreeing to buy more liquid natural gas (LNG) and soybeans.
U.S. President Donald Trump has said the trade deficit with the European Union is $350 billion and has suggested the bloc buy that much American energy to make up the gap and gain relief from the reciprocal tariffs he imposed last month.
But in an interview with the Financial Times published on Friday, Sefcovic said he had told U.S. Trade Representative Jamieson Greer and U.S. Commerce Secretary Howard Lutnik that if American service exports were included, the gap was only $56 billion.
“If what we are looking at as a problem in the deficit is 50 billion euros [$56 billion], I believe that we can really … solve this problem very quickly through LNG purchases, through some agricultural products like soya beans, or other areas,” Sefcovic said.
On April 2, Trump imposed reciprocal tariffs on countries all over the world, with China facing the highest rate.
The EU, which Trump said charges the United States 39 percent in tariffs, was handed 20 percent reciprocal tariffs.
On April 9, Trump announced a 90-day pause on the tariffs but raised the levy on China after Beijing responded with retaliatory tariffs on U.S. goods. In a statement posted on social media, he said he would maintain a 10 percent baseline tariff across the board.
In response, the EU’s two-party retaliatory tariffs on goods ranging from dental floss to diamonds were paused until July 14, “to give negotiations a chance.”
“In total, the suspended EU countermeasures cover 21 billion euros [$23.8 billion] of U.S. exports,” The EU said in a statement at the time.
The list of goods on the retaliatory tariffs list was shortened after pressure from member states, with bourbon, wine, and dairy—from the major wine and spirit-exporting nations of France and Italy—removed after Trump threatened a 200 percent counter-tariff on EU alcoholic drinks.
But the 25 percent tariffs on EU steel, aluminium, and cars—which Trump imposed on March 12—remain in place.
