EU presents new trade proposal to the US – Bloomberg

The document, in particular, proposes cooperation in export control and combating excess capacity

The European Union has sent a revised trade proposal to the United States, which aims to give impetus to the relevant negotiations with the Trump administration. This is reported by Bloomberg.

According to the agency, the new document contains proposals that, in particular, take into account the interests of the United States, including international labor law, environmental standards, economic security and a gradual reduction of customs tariffs to zero on both sides for non-sensitive agricultural products and industrial goods.

The proposal also refers to mutual investment and strategic procurement in the energy, artificial intelligence, and digital communications sectors, the sources said.

In addition, the document contains areas of cooperation on common challenges, such as export controls and investment verification, combating overcapacity in the supply chains of steel, pharmaceuticals, automobiles and semiconductors, a common market for critical raw materials, etc.

According to Bloomberg’s interlocutors, the European Union is eager to cooperate with the United States and is looking for a balanced and mutually beneficial agreement. The parties are still looking at each other, and the European Commission will probably need a mandate from member states before starting formal negotiations.

The latest EC proposals come in response to a document that the Trump administration sent to the executive branch of the bloc after a previous EU proposal.

According to the sources, the parties will continue to discuss the proposals on an ongoing basis and plan to meet at the political level in early June.

As GMK Center reported earlier, the European Commission has launched public consultations on a list of imports from the United States that could be subject to EU countermeasures if tariff negotiations with Washington fail. The countermeasures could affect a wide range of American industrial and agricultural products worth up to €95 billion ($107.2 billion). The consultations will last until June 10.