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