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EU and US Seek Urgent Trade Deal as Trump Delays Tariffs
European Commission President Ursula von der Leyen announced on Sunday that she had a productive phone conversation with U.S. President Donald Trump, leading to a temporary postponement of proposed tariffs on EU imports. Trump had recently threatened a 50% tariff on all goods coming from the European Union but agreed to delay any action until July 9 to allow space for negotiations.
Von der Leyen emphasized the importance of the transatlantic trade relationship, calling it one of the most significant globally. She reaffirmed the EU’s readiness to engage in serious and swift talks, stressing that more time is essential to reach a fair agreement.
President Trump, speaking before departing from New Jersey, confirmed von der Leyen’s request for an extension and his agreement to it. His earlier frustration over stalled negotiations had led him to declare that the EU was designed to exploit the United States, signaling a potential escalation in trade tensions.
Meanwhile, German Finance Minister and Vice Chancellor Lars Klingbeil echoed the need for earnest dialogue, warning that increased tariffs would hurt both American and European economies. He also held discussions with U.S. Treasury Secretary Scott Bessent to advocate for diplomatic engagement over economic confrontation.
This ongoing dispute has seen the United States impose several rounds of tariffs on the EU, including 25% on steel, aluminum, and automobiles. Though a 20% reciprocal tariff was threatened, it remains suspended for now. However, a 10% baseline tariff still applies.
In response to the rising pressure, EU trade chief Maros Sefcovic stated that Brussels remains committed to achieving a balanced agreement grounded in mutual respect rather than threats. The EU has also prepared retaliatory measures, including potential tariffs on up to €100 billion worth of American products if talks fail.
According to recent figures, the U.S. goods trade deficit with the EU reached $236 billion in 2024. However, when services are included an area where U.S. firms dominate the deficit narrows to around €50 billion ($57 billion), according to European Commission estimates.