FT: Europe seeks tariff-free future with US, targets €50 billion trade fix

European Trade Commissioner Maros Sefcovic has stated that the European Union is aiming to increase its imports from the United States by €50 billion (approximately $56.46 billion) as part of efforts to address an imbalance in the transatlantic trade relationship.

In comments published by the Financial Times on May 1, Sefcovic described this trade gap as a "problem" and noted that Brussels is making "certain progress" toward a broader agreement with Washington.

Sefcovic made it clear that the EU does not view the continuation of US tariffs — specifically a 10% duty on European goods — as an acceptable outcome of ongoing trade talks.

The US initially imposed a 25% tariff on EU exports such as cars, steel, and aluminium in March, followed by a 20% tariff on additional goods in April. That 20% rate was later reduced by half, establishing a 90-day timeframe, ending July 8, to negotiate a more comprehensive agreement on tariffs.

In a gesture of goodwill, the 27-member EU temporarily shelved its retaliatory tariff plans and instead proposed eliminating all duties on industrial goods between the two sides.

Sefcovic suggested that the trade imbalance — estimated at €50 billion — could be swiftly addressed through increased European purchases of US liquefied natural gas (LNG), soybeans, and potentially other agricultural or industrial products.

Still, he acknowledged that reaching a deal that would satisfy all EU member states and gain approval from the European Parliament would be "very difficult."

As the European Commission handles trade negotiations for the bloc, Sefcovic also indicated the EU's willingness to work with Washington to mitigate the effects of China’s rising export activity, offering an additional incentive to strengthen transatlantic trade ties.

By Tamilla Hasanova