EU Trade Commissioner, Maroš Šefčovič has stated that the bloc aims to reach a trade deal with the US “soon.”
Speaking in the European Parliament, he told the lawmakers that the bloc “has made good progress” in trade talks with the US as their negotiations “intensified considerably” in the last few days.
“We have made good progress on the text of the joint statement or agreement in principle, and I hope we can soon finalise our work. I hope to reach a satisfactory results, potentially even in the coming days.”
Maroš Šefčovič
He added that the agreement in principle that the bloc is striving to finalise is “not the end, but rather the start of the new beginning.”
He asserted that it would provide a framework upon which the bloc can continue to build defining the exact parameters of the later agreement.
“In other words, I see it as a foundational framework that paves the way for future fully fledged EU-US trade agreement.”
Maroš Šefčovič
Earlier, EU trade Spokesperson, Olof Gill confirmed that the bloc aims to reach a trade deal with the US before August 1, 2025, “potentially even in the coming days.”
He disclosed that EU teams have been working tirelessly at technical and political level to conclude an agreement in principle.
“Reaching a deal now depends on the willingness to find an outcome that is acceptable to both sides.
“When I say in the coming days, I mean, in the coming days. That’s what we’re pushing for. It requires two sides to get an agreement over the line, and we believe an agreement is possible.”
Olof Gill
He said that the EU was locked in “intensive negotiations” with the US, with Trade Commissioner ,Maroš Šefčovič engaging with US counterparts, Commerce Secretary Howard Lutnick and US Trade representative Jamieson Greer.
The EU is on standby for an announcement on the EU-US deal as early as tonight with Ambassadors meeting again this afternoon.
The draft agreement in principle, which ran to just three pages on Monday night when shared with Ambassadors, is expected to involve headline pacts on cars, medical devices and possibly steel. It will also include an acceptance in the EU of a new baseline tariff on almost all exports of 10%, five times the pre-Trump average.
While a 10% tariff will involve pain for all member states, EU capitals say that it will suffice, at the moment, to get a deal which can prove a starting point for all other trade issues.
There have been objections from prominent MEPs on the European parliamentary trade committee who say they will fight the 10% import duty.
Italian MEP Brando Benefei stated that accepting the deal will “paralyse” the EU and show that US President, Donald Trump he has won, enabling him to come back to “double” the tariff at a later stage.
No Letter Expected
Moreover, the EU Trade Spokesperson, Olof Gill added that the EU “does not expect a letter” from President Donald Trump.
He said that the agreement in principle will be seen as a way of opening fuller negotiations on “all the other trade issues.”
Last night, Trump said that the EU was just 48 hours away from a “letter” on tariffs, but it is understood this is now not the case.
“The EU does not expect to receive a letter the same way that South Korea and Japan over the last few days, the deal is going to be different.”
Olof Gill
Trade Commissioner Maroš Šefčovič spoke to Commerce Secretary Howard Lutnick today and will speak to Jamieson Greer this afternoon.
Meanwhile, Donald Trump said that there would be more trade-related announcements today, after defending his tariffs on Truth Social.
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