Latest news with #OlofGill
New York Times
09-07-2025
- Business
- New York Times
Europe Waits, and Hopes, for a Trade Deal
The European Union is hoping for a rough draft of a trade deal with the United States this week, pushing frantically toward a resolution as other American trading partners receive letters threatening painfully high across-the-board tariffs. President Trump suggested on Tuesday that he could send such a letter to the European Union this week, even as he acknowledged progress in their negotiations. But Olof Gill, a spokesman for the E.U.'s executive arm, said at a news conference on Wednesday afternoon that it was his 'understanding' that the 27-nation bloc will not receive a simple White House decree informing them of its tariff rate. Instead, European officials have been working toward a bare-bones deal that can then be fleshed out. 'We are looking for a clear framework from which we can keep building,' Ursula von der Leyen, the president of the E.U.'s executive branch, told the European Parliament in Strasbourg, France, on Wednesday morning. Maros Sefcovic, the bloc's main trade negotiator, had a call with Howard Lutnick, the U.S. commerce secretary, on Tuesday, and was scheduled to speak to the U.S. trade representative, Jamieson Greer, on Wednesday evening, Mr. Gill said. The E.U. is now in 'the most sensitive phase of negotiations,' he said, adding that the goal was to have an agreement 'as quickly as possible,' ideally in the coming days. Mr. Trump had seemed to call that quick resolution into question on Tuesday. 'They're very tough, but now they're being very nice to us, and we'll see what happens,' he said of the Europeans. 'We're probably two days off from sending them a letter.' He then added, 'A letter means a deal.' The comments sowed confusion in Brussels on Wednesday, though officials were still hoping to avoid a broad-brush missive. Even if a negotiated agreement is reached, Europe is likely to feel economic pain. Any agreement is expected to include at least a 10 percent base line tariff, with some carve-outs for critical products like Airbus airplanes. Negotiators have been pushing for exemptions on sector-specific tariffs on products including cars and metals, but those details have been fluid. On Tuesday, Mr. Trump said that he wanted to eventually raise tariffs on pharmaceuticals — Europe's largest export to the United States — to 200 percent, and said that tariffs on copper and other products were coming soon. European countries including Germany have been pushing for a rapid deal that forestalls worse outcomes and ends months of paralyzing uncertainty. Germany's large auto sector has been particularly suffering. 'We would like to have an understanding quite soon' because sectorial tariffs 'are really harming us,' Bernd Lange, a member of the European Parliament from Germany, said on Wednesday.
Channel 4
09-07-2025
- Business
- Channel 4
EU hopes for US tariff deal ‘in coming days'
The European Union says it hopes to reach a tariff deal with the US within days, following months of negotiations. Donald Trump has imposed 50 percent tariffs on EU steel and aluminium, 25 percent tariffs on cars and car parts and 10 percent tariffs on more than two-thirds of other European exports to the US. In addition, the US President has threatened further tariffs on other key sectors including pharmaceuticals, as well as semiconductors and copper. Economists have warned that the tariffs will knock economic growth on both sides of the Atlantic. A 90-day pause on wider 20 percent tariffs was due to expire this morning – and with it Europe's negotiating window – but Trump has now extended that deadline until 1 August. Other economies, including Japan and South Korea, were this week sent letters by the US president announcing that they will face yet more tariffs from that date. The EU has not received one of those letters and is now sounding upbeat about getting a deal by the end of the month. 'We aim to reach a deal before then, potentially even in the coming days', the European Commission's Trade Spokesperson, Olof Gill, said on Wednesday. 'We have shown our readiness to reach an agreement in principle, and the [European] Commission has consulted closely with our Member States and industry to ensure that there is a high degree of cohesion in our overall EU approach.' 'We count on the US continuing to engage in this sense. Reaching a deal now depends on the willingness to find an outcome that is acceptable to both sides.' – Olof Gill United States Secretary of Commerce, Howard Lutnick, said yesterday that he had now received a viable offer from the EU. 'European Union, to their credit, has now made significant, real offers, meaning we're going to take down our barriers, we're going to open our markets to American farmers, ranchers, fishermen, really open their markets, and let Americans, finally American entrepreneurial spirit finally, get to sell to Europe', he told US news channel CNBC. But European Commission President Ursula von der Leyen has signalled that a deal will most likely be the starting point, not the endgame. 'I had a good exchange with President Trump earlier this week to help move things forward', she told the European Parliament on Wednesday. 'We are looking for a reliable framework from which we can keep building our common trade.' – Ursula von der Leyen EU officials have previously been dismissive of the British deal struck with the US back in May. The UK deal, which is yet to come fully into effect, will see tariffs fall to 10 percent for key sectors such as steel. At the time, EU officials insisted they wanted a 'zero for zero' deal with the US. That is looking increasingly unlikely. One EU source said he had seen the outline of a US offer to the EU over the weekend. It sounded remarkably similar to the UK one. It would see a reduction in most tariffs down to 10 percent 'with exemptions', he said. Asked about the similarities, the EU's trade spokesperson hit back: 'We are not going to make comparisons with other agreements that the US has signed because we don't already have an agreement.' 'The reason we are working day and night to find a solution is because we believe tariffs are bad for business', said von der Leyen. If a tariff deal cannot be struck, the EU has threatened to retaliate with billions of dollars worth of counter-tariffs. President Macron on a state visit to London yesterday told a joint session of the House of Parliament that both France and the UK would do well to 'de-risk our two countries' from 'excessive dependencies' with the US. The EU-US traded €1.6 trillion worth of goods and services in 2023 making it the biggest trading link in the world. The European Union insists that it is a relationship it would like to mend and grow, but is ready for the worst. 'We stick to our principles, we defend our interests, we continue the work in good faith, and we get ready for all scenarios', said Ursula von der Leyen. Trump imposes 25% tariffs on Japan and South Korea Market rises as US court blocks Trump's tariffs Tariffs 'won't work the way Trump hopes', says economist
LeMonde
08-07-2025
- Business
- LeMonde
EU ready to ease position to reach trade agreement with US before deadline
"It's a moving target," said a European diplomat a few days ago, referring to the objective the European Union (EU) is pursuing in its trade negotiations with the United States. Until now, though, one thing seemed certain: the July 9 deadline, by which Washington had promised to raise its customs duties if no agreement was reached with Brussels. But over the weekend, US Treasury Secretary Scott Bessent pushed the deadline back to August 1, giving more time to the Commission, which is negotiating on behalf of the 27 member states. "We're working towards July 9 as the point where we want to have an agreement in principle at a minimum with the US," said Olof Gill, one of the Commission's spokespersons, on Monday, July 7, also noting "progress" in the ongoing discussions across the Atlantic. Furthermore, Commission President Ursula von der Leyen and US President Donald Trump, who do not have a close relationship, spoke by phone on July 6. The pair had a "good exchange," the Commission said. In recent days, von der Leyen has also spoken more frequently with European heads of state and government, starting with France's Emmanuel Macron and Germany's Friedrich Merz, suggesting she believed the talks have entered the final stretch.
Wall Street Journal
08-07-2025
- Business
- Wall Street Journal
EU Still Hopes for Initial U.S. Trade Deal Before Deadline
The European Union is still hoping to secure a bare-bones trade deal with the U.S. by July 9 after President Donald Trump and Treasury Secretary Scott Bessent said that tariffs on U.S. trading partners will revert back to their April rates next month. 'We are continuing to work towards the deadline of the 9th of July and in that sense, political and technical level contact between the EU and U.S. continues,' Olof Gill, a spokesperson for the European Commission, said on Monday.
Wall Street Journal
07-07-2025
- Business
- Wall Street Journal
Europe Hopes for Initial Trade Deal by Wednesday Deadline
The European Union still hopes to secure a bare-bones trade deal by Wednesday, saying "substantial progress" has been made. 'We are continuing to work towards the deadline of the 9th of July,' Olof Gill, a spokesperson for the European Commission, said Monday. Sweeping levies are set to come into effect on multiple countries Wednesday, the original deadline for the tariff pause to expire. Administration officials have also signaled a new Aug. 1 deadline is possible, however. 🔎 Read more:
