Brussels: The European Commission announced on Wednesday that the EU Trade Commissioner, Maros Sefcovic, is scheduled to hold a call with his US counterpart later today. The call aims to address ongoing trade negotiations and avert potential tariff escalations between the two economic powers.
According to Kuwait News Agency, EU Trade Commission spokesperson Olof Gill emphasized the EU's commitment to achieving a negotiated outcome with the US, stating that "intensive technical and political contact is ongoing" between the two parties. The scheduled discussion between Sefcovic and US Commerce Secretary Howard Lutnick is a critical step in these negotiations, taking place ahead of the Commission's planned update to EU member states on the progress of talks with Washington.
Gill further elaborated that while negotiations remain the EU's priority, preparations for all potential outcomes, including additional countermeasures, are underway. The EU has set retaliatory measures to take effect on August 7 if no agreement is reached. The current strategy involves merging two previously prepared tariff lists targeting US products, totaling EUR 93 billion (USD 108.6 billion). This combined list will be submitted to EU member states for approval and would be implemented next Thursday if the negotiations fail to produce a positive result.
The stakes in these discussions are high, with US President Donald Trump threatening to impose a 30-percent tariff on European goods should a deal not be reached by August 1. This intensifies the urgency for a diplomatic resolution to avoid a significant escalation in trade tensions.