- Commerce Secretary Howard Lutnick said that “the question” ahead of President Donald Trump’s talks with European Commission President Ursula von der Leyen is whether the bloc offers a “good enough deal.”
- Trump is set to meet with von der Leyen in Scotland on Sunday as the Aug. 1 trade deadline looms.
- Trump has said that there is a “50-50 chance” the EU and U.S. reach a framework of a deal.
In order to persuade President Donald Trump to reduce “reciprocal” tariffs on the 27-member group, Commerce Secretary Howard Lutnick stated on Sunday that the EU should consent to opening its markets to American exporters.
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While reiterating that the president still thinks there is a roughly 50/50 possibility that an agreement can be achieved, Lutnick’s remarks imply that Trump is amenable to a compromise with the EU.
“The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30% tariffs that he set,” Lutnick said Fox News.
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At a critical juncture in trade discussions, the commerce secretary’s remarks continue to cast doubt on what a “good enough” agreement with the US’s biggest trading partner might entail.
Days before Trump’s tariffs go into effect on August 1, he is scheduled to meet with European Commission President Ursula von der Leyen for trade discussions.
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Before the crucial trade deadline, Trump stated Friday that “we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU.”
Sticking points still exist “with maybe 20 different things,” he added, casting doubt on the two leaders’ ability to come closer to a framework for an agreement on Sunday.
Trump’s threat of 30% tariffs on the EU has prompted the group to consider countermeasures, including the use of its “Anti-Coercion Instrument,” which has been referred to as the trading bloc’s “trade bazooka.”
This could make it more difficult for American providers to enter the EU market.
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