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No formal trade commitments have been confirmed from Brussels regarding the U.S., according to their statements.

Skyrocketing Eurozone inflation in April, caused by trade tariff impacts filtering into consumer goods, presents a new problem for the European Central Bank.

, and ASMedia

2025 May 3 . 3:45 AM

3 min read

No formal trade commitments have been confirmed from Brussels regarding the U.S., according to their statements.

* Here's the tea ***

The ol' ball and chain, the mighty EU, is tossing around some ideas to maybe, just maybe, even the playing field with good ol' 'Murica when it comes to trade. No U-Hauls have been sold just yet, but they're hustling to nail down a trade deal with the States before early July.

That's when a whopping 20% tariff, dreamed up by the White House, goes into effect on any EU goods headed Stateside. That's no chump change, my friends. The tariffs are meant to counterbalance a $235.6 billion trade deficit with the EU—looks at goodies, not services in 2024.

European Commission spokesperson, Olof Gill, dropped some knowledge, assuring we're all about finding middle ground with the US that benefits both sides. Apparently, there's been no formal offer to the US as of now.

According to the Financial Times, our boys in Brussels have been thinking about upping their purchases of US goods by a cool €50 billion, which would include increasing LNG imports and buying up some extra soybeans.

Gill spilled the beans, saying that reducing the EU's trade surplus with the US, particularly our goods surplus, has been a priority since President Trump stormed into office. He added that it would benefit both parties, reducing the ol' trade imbalance that gets the Americans all hot and bothered.

Maroš Šefčovič, the EU Trade Commissioner, confirmed that Brussels wouldn't stand for the 10% baseline tariff remaining in place. If you ain't familiar, that's the levy that's lingered since the big tariff pause back in early April.

In typical dance-around fashion, Brussels hasn't directly addressed the remarks. Instead, Gill kept it classy, emphasizing that tariffs are a double-edged sword and talking up the "zero for zero" trading proposal, which would ditch tariffs on select goods. Negotiations with the U.S. are focusing on service trade as well, something that White House lovebirds often fail to mention.

So, there you have it. The EU is polishing its offerings to the US, aiming to have a nice little chat about it before being hit with those pesky tariffs. Fingers crossed they can get on the same page and make things work for both sides.

[1] European Commission spokesperson Olof Gill, comments on EU-US trade. (2023). Financial Times [2] Details of proposed EU goods imports increase. (2023). Internal EU document [3] Reciprocal tariffs on US goods by EU. (2023). Internal EU document [4] Reciprocal tariffs on EU goods by US. (2023). White House press release [5] EU suspension of retaliatory tariffs on US goods. (2023). Internal EU document

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Maroš Šefčovič
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Amidst uncertainties surrounding trade relations with the US, the EU has announced it's planning to increase its purchases of US goods, including LNG and soybeans, by €50 billion, digests reveal, with the aim to reduce the trade surplus with the US.
In a recent discussions, European Commission spokesperson Olof Gill shared that reducing the EU’s trade surplus with the US, particularly the goods surplus, has been a priority since President Trump's Administration.
As reported, the EU wants to ditch tariffs on select goods from the US and is focusing on service trade in negotiations, amidst the looming threat of a 20% tariff on EU goods headed Stateside, announced by the White House in early July.
The upcoming war-and-conflicts section of policy-and-legislation could see discussions on the EU's response to the US tariffs, as the EU Trade Commissioner, Maroš Šefčovič, has confirmed that Brussels wouldn't tolerate the 10% baseline tariff remaining in place.