M. Šefčovič: The EU is considering offering the US an additional $50 billion in imports for a trade deal

The European Union is considering proposing a $50 billion increase in European purchases of American products in order to resolve the “problem” in its trade relations with the U.S., said European Trade Commissioner and chief negotiator from Brussels Maros Sefcovic in an interview with the Financial Times.

“If we approach it as a problem of a €50 billion (trade) deficit, I believe we could really (…) resolve it very quickly with LNG (liquefied natural gas) purchases, or certain agricultural products like soybeans,” Mr. Sefcovic explained in an interview with the newspaper, which was published yesterday, Thursday.

The EU is currently negotiating with the government of Donald Trump to secure the removal of additional tariffs imposed by the American president.

Additional American tariffs of 25% have been implemented on cars, aluminum, and steel, as well as a “base” tariff of 10% on almost all other goods imported into the American market from EU member states.

Donald Trump accuses the EU of deliberately maintaining the huge American deficit in the current account balance, which he claims amounts to hundreds of billions of dollars. However, Brussels argues that the American trade deficit is much more limited, dropping to €50 billion when considering the services provided by American companies in the European market.

When asked about the 10% tariffs, the veteran Slovak commissioner said that Brussels believes they are at a “very high level” and would not accept a deal that would keep them in place.

It will be “very difficult” to reach a bilateral agreement that is “undoubtedly good and acceptable to our member states and to our European Parliament,” warned Maros Sefcovic.

Trade negotiations are the responsibility of the European Commission. Once an agreement is reached, it must be approved by the 27 member states and ratified by the European Parliament. (02/5/2025)