Strasbourg: The European Union (EU) doesn’t feel pressured to yield to an imbalanced trade agreement with the United States, European Commissioner for Trade and Economic Security Maros Sefcovic said Tuesday at the European Parliament in Strasbourg, France.
“We do not feel weak. We do not feel under undue pressure to accept a deal which would not be fair for us,” Sefcovic told the European Parliament, emphasising that the EU had already tested and put forward proposals to the United States.
“As you can imagine, it’s not easy,” he noted, adding that despite the EU’s sincere efforts, the negotiations with the US may ultimately fail to reach a successful outcome.
The EU is currently subject to 25 percent US tariffs on steel, aluminum, and automobiles, along with 10 per cent reciprocal tariffs on most other exports. The bloc has been preparing for the possible end of a 90-day tariff truce, after which these levies could rise to 20 per cent when the pause expires on July 8.
Sefcovic reiterated that the EU is prepared to reintroduce rebalancing measures if negotiations fail,Xinhua news agency reported. “We are preparing for the possible and might-be-needed rebalancing,” he said, referring to retaliatory tariffs the EU had initially suspended to allow room for talks.
Sefcovic also signaled that the EU may pursue legal action against US tariffs through the World Trade Organisation, describing the tariffs as “simply unjust, unfair, and in total breach of international commercial law.”
He noted that beyond the transatlantic relationship, the EU is diversifying efforts to expand its trade ties with other global partners, emphasizing the need to tap into the 87 per cent of global trade that does not involve the United States.
In recent months, the bloc has advanced or finalised trade agreements with the South American trade bloc Mercosur, the United Arab Emirates, and Canada, in clear steps toward diversifying its economic partnerships.
(IANS)
