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US and EU Edge Toward Trade Deal in Paris with Tariff Deadline Extended

Talks secured a one-month postponement of threatened 50% duties following Brussels’ new framework for tariff cuts alongside regulatory cooperation plans

FILE -The "Cosco Shipping France" container ship is moored at the Long Beach Container Terminal, LBCT, at Middle Harbor in the Port of Long Beach, Calif., , April 15, 2025. (AP Photo/Damian Dovarganes, File)
FILE - U.S. Trade Representative Jamieson Greer testifies before the Senate Finance Committee on Capitol Hill in Washington, on April 8, 2025. (AP Photo/Mark Schiefelbein, File)
European Commissioner for Trade and Economic Security Maros Sefcovic arrives for a meeting of EU trade ministers at the European Council building in Brussels, Thursday, May 15, 2025. (AP Photo/Omar Havana)
EU trade commissioner Maroš Šefčovič at the OECD headquarters in Paris on Wednesday. He met with his American counterpart, U.S. Trade Representative Jamieson Greer, at the sidelines of an OECD meeting.

Overview

  • EU Trade Commissioner Maroš Šefčovič and U.S. Trade Representative Jamieson Greer said on June 4 that negotiations in Paris were advancing at pace toward a settlement
  • President Donald Trump agreed to delay 50% tariffs on European goods until July 9 after a phone call with European Commission President Ursula von der Leyen
  • The European Commission has floated a ‘zero for zero’ agreement and a new trade framework covering tariff eliminations, aligned regulations and key sectors like semiconductors and electric vehicles
  • Key sticking points include EU demands to preserve value-added tax autonomy and U.S. calls for looser food safety and antitrust rules
  • Brussels is preparing counter-tariffs on as much as €95 billion of U.S. products if no pact is reached by the July deadline