On May 23, 2025, the European Commission expressed its commitment to securing a trade deal with the United States based on mutual respect, following U.S. President Donald Trump’s threat to impose a 50% tariff on all EU goods starting June 1. The EU, a major U.S. trading partner with over $600 billion in goods exported to the U.S. and $370 billion imported in 2024, proposed a revised trade plan addressing labor rights, environmental standards, and economic security. The proposal includes gradual tariff reductions, mutual recognition agreements, and cooperation in sectors like energy, telecoms, steel, semiconductors, and cars. EU Trade Commissioner Maros Sefcovic emphasized defending EU interests while seeking a deal that benefits both sides. A call between Sefcovic, U.S. Trade Representative Jamieson Greer, and Commerce Secretary Howard Lutnick aimed to advance talks. European leaders, including Ireland’s Taoiseach Micheál Martin and France’s Trade Minister Laurent Saint-Martin, stressed negotiation to avoid harmful tariffs. Stock markets saw declines, with the S&P 500 down 0.7% and Germany’s Dax and France’s Cac 40 falling over 1.5%. The EU’s proposal seeks to avert a trade war and foster long-term transatlantic cooperation.
34news.online
34news.online
