The EU is ready raise imports of US goods by $56 billion to address the issue of trade imbalance, a trade chief Maros Sefcovic told FT Read Full Article at RT.com
The EU is ready raise imports of US goods by $56 billion to address the trade imbalance, the bloc’s trade commissioner says
The EU wants to substantially increase purchases of goods from the US, according to European Trade Commissioner Maros Sefcovic, as cited by Financial Times. The move could help the bloc secure the elimination of import tariffs proposed by US President Donald Trump, the official has said.
As part of his sweeping ‘Liberation Day’ tariffs on major trading partners, Trump sharply raised duties on US imports from the 27-nation bloc. The US president sees the tariff campaign, which targeted over 90 countries, as a solution to what he calls unfair trade imbalances.
“If what we are looking at as a problem in the deficit is €50 billion ($56 billion), I believe that we can really . . . solve this problem very quickly through LNG purchases, through some agricultural products like soyabeans, or other areas,” Sefcovic said on Thursday in an interview with the newspaper.
He emphasized that the bloc would not accept the 10% tariffs on its goods being kept in place as a fair resolution. He also warned that it would be “very difficult” to strike a deal that is “clearly good and acceptable for our member states and our European parliament.”
Earlier this year, the Trump administration announced a sweeping 20% tariff on all EU goods and a 25% tariff on all car imports in an effort to eliminate the trade deficit with the bloc. Brussels was set to introduce 25% retaliatory tariffs on US imports before Trump announced a 90-day pause on most tariffs to allow for talks. However, the 10% baseline tariff and 25% tariff on certain goods remain in place.
European Commission President Ursula von der Leyen has offered Washington a deal whereby tariffs on all industrial goods would be removed. However, Trump has rejected the zero-for-zero tariffs proposal, saying that it doesn’t solve the problem of the trade imbalance.
Trade volumes between the US and the EU amounted to $975.9 billion in 2024, according to official data tracked by the Office of US Trade Representative. The US purchased $605.8 billion worth of EU goods, while the bloc’s imports from the US amounted to $370.2 billion.
