The Fort Worth Press - Under Trump pressure, EU seeks deal to end trade standoff

USD -
AED 3.672497
AFN 65.500398
ALL 79.204108
AMD 364.314781
ANG 1.789783
AOA 917.000077
ARS 1499.493697
AUD 1.394982
AWG 1.80125
AZN 1.69681
BAM 1.673712
BBD 2.017022
BDT 122.374929
BGN 1.696366
BHD 0.377578
BIF 2980.342151
BMD 1
BND 1.270785
BOB 11.56657
BRL 5.138698
BSD 1.001455
BTN 95.83952
BWP 13.418971
BYN 2.995905
BYR 19600
BZD 2.014112
CAD 1.380755
CDF 2275.000063
CHF 0.80036
CLF 0.023408
CLP 921.290155
CNY 6.72125
CNH 6.72368
COP 3045.98
CRC 455.712452
CUC 1
CUP 26.5
CVE 94.364974
CZK 20.650302
DJF 178.330431
DKK 6.400355
DOP 58.674768
DZD 132.951023
EGP 50.8008
ERN 15
ETB 161.967094
EUR 0.85622
FJD 2.191601
FKP 0.73304
GBP 0.732955
GEL 2.604981
GGP 0.73304
GHS 11.140397
GIP 0.73304
GMD 73.501461
GNF 8799.353014
GTQ 7.642309
GYD 209.509302
HKD 7.838315
HNL 26.856373
HRK 6.450957
HTG 131.016363
HUF 310.202501
IDR 17701.4
ILS 2.99245
IMP 0.73304
INR 95.70245
IQD 1311.910314
IRR 1374600.000135
ISK 121.23987
JEP 0.73304
JMD 158.93881
JOD 0.709008
JPY 158.883996
KES 129.370055
KGS 87.450257
KHR 4042.859099
KMF 421.999807
KPW 900.000294
KRW 1380.260021
KWD 0.30847
KYD 0.834556
KZT 461.080278
LAK 22557.4977
LBP 89684.251965
LKR 329.680486
LRD 181.763722
LSL 16.058776
LTL 2.95274
LVL 0.60489
LYD 6.364543
MAD 9.249063
MDL 17.240125
MGA 4282.431675
MKD 52.682054
MMK 2099.810874
MNT 3595.778501
MOP 8.086862
MRU 39.905862
MUR 46.670311
MVR 15.449602
MWK 1736.499786
MXN 16.935899
MYR 4.040976
MZN 63.879922
NAD 16.058776
NGN 1348.850024
NIO 36.851452
NOK 9.30541
NPR 153.346028
NZD 1.67312
OMR 0.384514
PAB 1.001421
PEN 3.357352
PGK 4.438188
PHP 61.728021
PKR 277.878648
PLN 3.69387
PYG 6032.494512
QAR 3.64058
RON 4.498702
RSD 100.436008
RUB 82.699324
RWF 1475.652546
SAR 3.760291
SBD 8.032258
SCR 13.881049
SDG 601.497078
SEK 9.470505
SGD 1.26943
SHP 0.740866
SLE 24.599369
SLL 20969.499227
SOS 572.357724
SRD 37.769737
STD 20697.981008
STN 20.967141
SVC 8.762329
SYP 13001.999906
SZL 16.047925
THB 32.657967
TJS 9.238465
TMT 3.5
TND 2.912721
TOP 2.40776
TRY 48.080699
TTD 6.792498
TWD 31.824003
TZS 2645.012977
UAH 44.748823
UGX 3725.161312
UYU 40.282413
UZS 11872.384582
VES 778.98225
VND 26144
VUV 117.750183
WST 2.715908
XAF 561.366709
XAG 0.014455
XAU 0.000215
XCD 2.70255
XCG 1.804839
XDR 0.707052
XOF 561.364307
XPF 102.0616
YER 237.075006
ZAR 16.005905
ZMK 9001.198647
ZMW 19.002914
ZWL 321.999592
  • CMSC

    -0.1780

    21.102

    -0.84%

  • RIO

    3.1300

    105.3

    +2.97%

  • RBGPF

    0.0000

    68.56

    0%

  • BTI

    -0.4900

    56.21

    -0.87%

  • BCE

    -0.0700

    23.71

    -0.3%

  • BCC

    0.7000

    82.47

    +0.85%

  • CMSD

    -0.1400

    20.98

    -0.67%

  • BP

    -0.3800

    44.76

    -0.85%

  • NGG

    -0.8600

    79.76

    -1.08%

  • GSK

    0.4500

    52.41

    +0.86%

  • JRI

    -0.0300

    12.38

    -0.24%

  • RYCEF

    -0.2500

    20.25

    -1.23%

  • VOD

    -0.0500

    15.96

    -0.31%

  • AZN

    1.4900

    165.98

    +0.9%

  • RELX

    0.5300

    35.91

    +1.48%

Under Trump pressure, EU seeks deal to end trade standoff
Under Trump pressure, EU seeks deal to end trade standoff / Photo: © AFP/File

Under Trump pressure, EU seeks deal to end trade standoff

The EU headed into late-night talks Tuesday seeking a deal towards implementing its nearly year-old trade pact with the United States -- with an impatient President Donald Trump threatening steep new tariffs unless it is done by July 4.

Text size:

The 27-nation bloc struck an accord with Washington last July setting levies on most European goods at 15 percent, but a final version of the text still needs to be nailed down on the EU side -- to Trump's frustration.

Negotiators from the EU's parliament and capitals kicked off closed-door negotiations just after 9:00 pm (1900 GMT) for talks that were expected to stretch late into the night.

They hope to seal a compromise that would allow the bloc to meet Trump's deadline and turn the page on more than a year of transatlantic trade battles.

"A deal is a deal," the US mission to the EU posted on X ahead of the meeting, saying the bloc "must live up" to the agreement sealed in Turnberry, Scotland, between Trump and EU chief Ursula von der Leyen.

Short of that, Trump has warned the European Union should expect "much higher" tariffs -- and has already vowed to raise duties on European cars and trucks from 15 to 25 percent.

The tariff blitz unleashed by Trump before the Turnberry accord, including hefty levies on steel, aluminium and car parts, jolted the bloc into cultivating trade ties around the world.

But the EU cannot afford to neglect the 1.6-trillion-euro ($1.9-trillion) relationship with the United States, its largest trade partner.

Cyprus, which holds the rotating presidency of the EU, said its goal remains "the swift implementation of the EU-US joint statement".

To reach a compromise with member states, parliament is under pressure to renege on several amendments it added to the text in March that the Americans consider unacceptable.

The head of parliament's trade committee, Bernd Lange, struck an optimistic note, saying: "I hope we can reach a compromise."

But first, he needs to hammer out a common stance between the parliament's different factions, which were haggling until the last moment.

- 'Sunrise' to 'sunset' -

The EU parliament's conditional green light came after months of delay caused by Trump's designs on Greenland and a US Supreme Court ruling striking down many of the president's tariffs.

The assembly's largest force, the conservative European People's Party (EPP), to which von der Leyen belongs, is now pushing hard to implement the accord, which it says is vital to ending a period of damaging uncertainty for EU businesses.

EPP lawmaker Zeljana Zovko told AFP she was "confident that we will get it done".

The EPP has firm support from the hard-right ECR, but several political groups had yet to make their position public, and it remained unclear how far the majority would compromise to get a deal.

Lawmaker Kathleen Van Brempt of the Socialists and Democrats, parliament's second-biggest group, said they would "engage constructively" but fight for safeguards "to guarantee stability, predictability and protection for European businesses and workers".

One bone of contention is a suspension clause toughened by parliament that would scrap favourable tariff conditions for US exporters, should the United States later breach the terms of the deal.

Another concerns so-called "sunrise" and "sunset" clauses under which the EU side of the accord would kick in once the United States makes fully good on its pledges, and would expire unless renewed in 2028.

Green lawmaker Anna Cavazzini said "the odds are good" but warned that member states would need to "budge" on parliament's main priorities.

"These past weeks have shown time and again that Trump is not to be trusted, so the EU needs stronger tools at hand," she said.

M.Cunningham--TFWP