Trump’s tariffs deadline is looming for Europe. Here’s where things stand
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Diverging Reports Breakdown
Trump’s tariffs deadline is looming for Europe. Here’s where things stand
The U.S. and the European Union are yet to strike a trade deal. If they fail to reach an agreement by July 9, EU goods could be hit by 50% duties. The EU recorded a surplus of 198 billion euros, when it comes to goods, but a deficit of 148 billion euro in the trading of services.
All eyes are on talks between the U.S. and the European Union, which have yet to strike a trade deal with just days to go before Washington’s tariffs come into full effect.
Should the trading partners fail to reach an agreement by July 9 — when a 90-day reprieve on U.S. President Donald Trump’s so-called reciprocal tariffs ends — EU goods imported to the U.S. could be hit by duties of up to 50%. Retaliatory measures from the EU targeting a wide range of U.S. goods, which have also been temporarily put on hold, could then follow shortly afterward.
The U.S.-EU trade relationship is one of the most important in the world, accounting for around 30% of global goods trading according to the European Council. Medicinal and pharma products, road vehicles and petroleum products are some of the top traded goods.
In 2024, trade between the two transatlantic partners was valued at around 1.68 trillion euros ($1.98 trillion) when taking into account both goods and services, the European Council said.
The EU recorded a surplus of 198 billion euros, when it comes to goods, but logged a deficit of around 148 billion euro in the trading of services — meaning the bloc overall had a trade surplus of around 50 billion euros in 2024.
Trump has repeatedly taken issue with the trade relationship between Washington and Brussels, suggesting it is unfair and accusing the EU of taking advantage of the U.S.