U.
S. and European Union officials are continuing preparations for the first round of trade talks, but the Brussels side has said that reaching an agreement to reduce tariffs on steel and other goods is unlikely at this stage.
The European Union stressed that the priority of this visit, which is considered the starting point for important contacts, will be to conduct a comprehensive assessment of the current situation.
EU Commissioner for Trade and Economic Security Maros Sefcovic said at a briefing with reporters before the start of the talks: "The main agenda of the first meeting will be to consider the current state of affairs between the two sides."
U.
S. Commerce Secretary Howard Lutnick and U.
S. Trade Representative Jamison Greer, who will arrive in Brussels this week, will hold their first EU talks since the two sides signed a trade agreement in July. Under this agreement, the US imposed a 15% tariff on many goods of European origin, while the EU committed to abolish tariffs on some agricultural and food products, as well as on some US manufactured goods. The two sides also agreed to continue working to reduce tariffs on steel and aluminum from the EU.
Lutnik and Greer will meet with EU trade ministers at a working lunch in Brussels to discuss the implementation of the agreement. Sefcovic noted that the meeting will also include "a political assessment of the bilateral relations between the EU and the United States."
EU officials are expected to express concern, in particular, about Washington's decision to expand the 50% tariff applied to aluminum and steel. Washington, on the other hand, argues that Brussels is slow to fulfill its obligations, since the agreement has not yet been officially approved by the European Parliament. The US administration also continues to put pressure on the EU to ease its obligations related to its digital and environmental standards.
Source: Bloomberg
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