The European Union is making progress in negotiations for a €50 billion trade deal with the United States, according to EU trade commissioner Maroš Šefčovič. This potential deal aims to resolve existing trade issues by increasing EU purchases of US goods like liquefied natural gas and agricultural products. However, Šefčovič noted that the Trump administration's 10% tariffs on European goods must be lifted for the deal to proceed. These tariffs, applied to virtually all goods entering the US, were part of a broader strategy that also included proposed tariffs up to 50% on certain countries. Despite the potential benefits, reaching an agreement acceptable to EU member states and parliament is expected to be challenging.

The European Union is negotiating a trade deal with the United States that involves purchasing €50 billion more in US products, as stated by EU trade commissioner Maroš Šefčovič.

The deal seeks to address trade imbalances by increasing EU purchases of US liquefied natural gas and agricultural products, including soybeans.

Šefčovič emphasized that for the trade deal to move forward, the US must first remove its 10% tariffs on European goods, which were universally applied on all imports.

President Trump's administration had initially enforced these 10% tariffs and proposed even higher reciprocal tariffs of up to 50% on certain countries, although these were delayed.

Despite the economic incentives of the trade deal, Šefčovič acknowledged the difficulty in obtaining approval from EU member states and parliament, indicating potential hurdles in the negotiation process.