Brussels – Following the EU Foreign Affairs Council meeting on trade in Brussels on Monday, European Commissioner for Trade and Economic Security Maroš Šefčovič reached out to American officials to discuss tariffs. He had conversations in the evening with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer, and followed up with Greer again on Tuesday, according to TASR.
Šefčovič confirmed on Monday that he has a mandate to pursue tariff negotiations, as well as the authority to enact multi-billion euro retaliatory measures from the EU should the discussions stall. This mandate was reinforced by trade ministers in light of comments made by U.S. President Donald Trump on July 12, regarding the potential for a 30 percent tariff increase on the EU effective August 1.
The Slovak Commissioner stressed the importance of believing in a possible favorable agreement on tariffs with the U.S. within the next two weeks. He highlighted that it is also in the interests of American industry and the economy to find a solution that maintains the long-standing transatlantic connections.
It is also in the interest of the American industry and the American economy to find a solution that preserves the ties built over decades across the Atlantic
He warned that the barriers being established across the Atlantic, as well as borders with Mexico, Canada, and the Pacific against South Korea and Japan, would significantly increase the cost of goods imported into the U.S. This would harm trade and could render European exports nearly impossible, negatively affecting consumers and businesses.
He noted that this scenario creates uncertainty in trade relations, which is not beneficial for anyone in the long run.
“We will strive to negotiate, although it will not be easy given the current tense global trade environment, but it is our responsibility to do everything possible by August 1,” Šefčovič said, referencing the deadline set by Trump.
In response to inquiries about the consequences of failing to reach an agreement, the Commissioner indicated that the EU would be left with no choice but to impose retaliatory tariffs exceeding 90 billion euros, even though they are aware that Trump may threaten further tariff increases in such an event.
“From our analysis perspective, whether tariffs are set at 30 percent, 50 percent, or 100 percent, it ultimately makes little difference. Even the 30 percent tariffs would be so prohibitive that they would obstruct trade between the EU and the U.S.,” he explained, aiming to persuade the American side to return to last week’s stalled negotiations.
“We will strive to negotiate, even though given the tense atmosphere in the global trade economy, it will not be easy, but it is our duty to do our utmost by August 1.” Maroš Šefčovič
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