EU Rushes to Strike Trade Deal in Washington
EU trade chief Maros Sefcovic is planning to sit down with his counterparts today in Washington as the bloc rushes to strike a deal before a July 9 deadline, after which tariffs on nearly all its exports to the US could jump to 50%. The bloc is confident the gathering with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will produce at least an interim deal to allow for talks to continue beyond the deadline. The EU is willing to accept a trade arrangement that includes a 10% universal tariff on many of its exports to the US, but it is also preparing to retaliate if talks fail. Separately, Ursula von der Leyen and EU commissioners are visiting Denmark to mark the start of its rotating presidency of the bloc.
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