EU: We are making progress towards a satisfactory trade agreement with the United States

SadaNews - Maroš Šefčovič, the EU Commissioner for Trade, said on Monday that the bloc and the United States are getting closer to a good outcome for both parties in their trade talks.

Šefčovič mentioned prior to a meeting with EU trade ministers in Brussels, "The prevailing sentiment from our side is that we are very close to reaching an agreement."

He added that the 30% tariffs threatened by U.S. President Donald Trump would practically eliminate trade.

Tariffs will eliminate trade

Maroš Šefčovič, the EU Trade Commissioner, said about the threatened increased tariffs, set to take effect from August 1st: "There would be a huge impact on trade. It would be nearly impossible to continue trade as we have become accustomed in transatlantic relations."

Šefčovič, who leads the European negotiating team in the trade dispute with Washington, confirmed, "These (U.S. tariffs) obstruct trade."

He stated, "Transatlantic supply chains will be significantly affected on both sides of the Atlantic," adding that the United States is also not interested in such a scenario.

He added that the EU has shown "tremendous patience and great creativity in finding solutions" with the United States.

It is worth noting that the EU is the largest trading partner of the United States and the largest trading bloc in the world. The American decision will have repercussions on governments, companies, and consumers on both sides of the Atlantic.