{"id":33101,"date":"2025-07-03T15:15:52","date_gmt":"2025-07-03T15:15:52","guid":{"rendered":"https:\/\/financialrush.com\/?p=33101"},"modified":"2025-07-03T15:15:52","modified_gmt":"2025-07-03T15:15:52","slug":"full-eu-us-trade-deal-impossible-before-deadline-says-ursula-von-der-leyen","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=33101","title":{"rendered":"Full EU-US trade deal \u2018impossible\u2019 before deadline, says Ursula von der Leyen"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Simply sign up to the <!-- -->EU trade<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=f8e50068-2f1d-4c32-9e90-eb107a293f28&amp;concept-id=b88440cb-dc20-46ae-86fe-5cc08a7f1586\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>A final EU-US trade deal is \u201cimpossible\u201d before July 9, so the two sides are aiming for a less detailed \u201cagreement in principle\u201d, European Commission president Ursula von der Leyen said on Thursday ahead of talks in Washington.<\/p>\n<p>The EU and US are edging closer to a tentative agreement following almost three months of negotiations to avert Donald Trump\u2019s threat to impose 50 per cent <a href=\"https:\/\/www.ft.com\/trump-tariffs\" data-trackable=\"link\">tariffs<\/a> on goods from the EU next week.<\/p>\n<p>\u201cIt\u2019s a huge task because we have the largest trade volume globally between the EU and the United States, \u20ac1.5tn [annually] \u2014 very complex and a huge quantity,\u201d she told a press conference.<\/p>\n<p>\u201cWhat we are aiming at is an agreement in principle,\u201d she added, saying the 90 days that were allowed for talks made \u201can agreement in detail impossible\u201d. <\/p>\n<p>The UK had also agreed to an agreement in principle with the US, she said. \u201cAs far as I am informed there are only two countries so far that have concluded with an agreement in principle.\u201d The US announced a deal with Vietnam on Wednesday.\u00a0<\/p>\n<p>However, both deals left US \u201creciprocal\u201d tariffs in place. <a href=\"https:\/\/www.ft.com\/stream\/ba15fdc1-6edd-3dc1-83d7-04a04991e0c8\" data-trackable=\"link\">Vietnam<\/a> accepted 20 per cent and the UK 10.\u00a0<\/p>\n<p>EU trade commissioner Maro\u0161 \u0160ef\u010dovi\u010d is in Washington today for talks to push for a deal before the July 9 deadline, after which Trump has threatened to increase \u201creciprocal\u201d tariffs to 50 per cent. He will meet US Treasury secretary Scott Bessent, and then jointly commerce secretary Howard Lutnick and trade representative Jamieson Greer.<\/p>\n<p>Lutnick has said that countries without deals will get increased tariffs after July 9.<\/p>\n<p>EU diplomats have told the Financial Times that the bloc will probably accept 10 per cent across-the-board levies but still wanted to get cuts to the sectoral tariffs on products such as steel, at 50 per cent, and vehicles and vehicle parts at 25 per cent.<\/p>\n<p>It was willing to commit to buying more US goods to cut its trade surplus. <\/p>\n<p>Friedrich Merz, the German chancellor, who is under huge pressure from his car industry, repeated his call last week for a swift deal.<\/p>\n<p>\u201cThis is not about a finely crafted, comprehensive trade agreement with the USA negotiated down to the last detail,\u201d he said.<\/p>\n<p>\u201cWhat is at stake here is the rapid resolution of a customs dispute, particularly for our country\u2019s key industries \u2014 the chemical industry, the pharmaceutical industry, mechanical engineering, aluminium, steel and the automotive industry\u2009.\u2009.\u2009.\u2009We need a quick result now. Better quick and simple than long and complicated, with negotiations dragging on for months.\u201d<\/p>\n<p>The UK secured a quota of <a href=\"https:\/\/www.ft.com\/content\/c298cf46-8489-4867-afc1-973de398ce59\" data-trackable=\"link\">100,000 vehicle exports annually with 10 per cent tariffs<\/a>. UK exports of jet engines and other aerospace components to the US are also spared from American levies.\u00a0<\/p>\n<p>It dropped its tariffs on bioethanol just from the US, and increased quotas for US beef imports.\u00a0<\/p>\n<p>US tariffs cover about \u20ac380bn of annual EU trade with the US, equivalent to about 70 per cent of the total.<\/p>\n<p>America is considering extending higher sectoral levies to goods including copper, lumber, aerospace parts, pharmaceuticals, chips and critical minerals, which would cover almost all EU trade.<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/f8e50068-2f1d-4c32-9e90-eb107a293f28\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Stay informed with free updates Simply sign up to the EU trade myFT Digest &#8212; delivered directly to&hellip;\n","protected":false},"author":6,"featured_media":33102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-33101","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/33101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33101"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/33101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/33102"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}