EU wants to reach trade deal with US before July 9

The information was given by a spokesperson for the European Commission (EC) on July 7, after EC President Ursula von der Leyen and US President Donald Trump had a "good conversation".

"We want to reach an agreement with the United States. We want to avoid tariffs. We want a win-win outcome, not a lose-lose situation," the EC spokesman added at a regular press briefing.

On CNN , US Treasury Secretary Scott Bessent also confirmed that negotiations with the European Union are progressing well. However, there has been no specific information about significant breakthroughs in the negotiations announced by both sides.

The cargo ship 'Cosco Shipping Gemini' of Chinese shipping company 'Cosco' is loaded at the port of Hamburg, Germany, October 25, 2022. Photo: Reuter

According to the European Commission (EC), the US-EU trade relationship is one of the most important in the world, accounting for about 30% of total global merchandise trade. The most traded items include pharmaceuticals, road vehicles and petroleum products.

In 2024, total trade between the US and the EU will be around 1.68 trillion euros ($1.98 trillion). The EU has a surplus of 198 billion euros in goods, but a deficit of around 148 billion euros in services. This means the bloc has a trade surplus of around 50 billion euros with the US.

Earlier, in early April, Mr. Trump announced a 20% reciprocal tax on the EU, in addition to a general tax of 10% on most goods. Cars and auto parts are subject to 25%, while aluminum and steel are subject to 50%. The reciprocal tax was then suspended for 90 days, with a deadline of July 9. However, Mr. Trump recently announced that the application would be delayed until August 1 .

According to Reuters , the EU is divided between two options: either push for a quick and limited trade deal, or leverage the bloc's economic clout to negotiate a more favorable outcome.

Ms von der Leyen spoke with the leaders of Germany, France and Italy over the weekend, with German Chancellor Friedrich Merz stressing the need to reach a deal quickly to protect industries vulnerable to high tariffs, from cars to pharmaceuticals.

Research by the Brussels-based Bruegel consultancy predicts that if no agreement is reached and President Trump imposes tariffs of 10% to 25% on European goods, the EU will lose 0.3% of its GDP, while US GDP could fall by up to 0.7%.

Experts predict that due to the complexity of some issues, the two sides may only reach a framework agreement before the July 9 deadline. In that case, the basic 10% tariff along with tariffs on cars , steel and aluminum are likely to remain in place until detailed terms are finalized.

Holger Schmieding, chief economist at Berenberg Bank (Germany), predicts that the most likely scenario is that the US will withdraw its most severe tariff threats. But according to him, "the road to get there may not be smooth".

Phien An ( according to Reuters, AP )