The U.S. and the EU have kicked off the process of starting “serious trade talks,” according to the Financial Times. President Trump had previously issued a 20% tariff on the 27-member bloc before slashing it in half for a 90-day grace period.
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U.S. and EU Look to Strike a Trade Deal
During the past few days, the U.S. and the EU have reportedly shared trade documents with each other, highlighting topics of consideration like digital trade and investment opportunities. In addition, the EU’s Commissioner for Trade and Economic Security, Maroš Šefčovič, told the FT that the EU was open to buying more gas, weapons, and agricultural products from the U.S. to help lower the trade deficit. In 2024, the U.S. had a $235.6 billion goods trade deficit with the EU, up by 12.9% from 2023. Šefčovič added that the EU is willing to reduce its trade with China for certain products as part of trade negotiations.
The S&P 500 (SPX) is set to close higher on the news.
