The European Union will not succumb to US pressure to conclude an "unfair deal" — Sefcovic

The European Union will not succumb to pressure to conclude an unfair trade deal and does not believe that it is under disproportionate pressure due to the adoption of an unfair trade agreement with The United States, said the EU Commissioner for Trade and Economic Security Maros Sefcovic on Tuesday, May 6 in Strasbourg.

During the plenary debate on US trade measures, the European Parliament stressed that other trading partners are very interested in speeding up negotiations with the EU. In recent years EU and The United States has established the world's largest bilateral trade and investment relationship. Over the past decade, the turnover of goods and services between them has doubled. The volume of investments exceeded 5 trillion euros, and European companies employ 3.4 million people directly in North and South America.

"These relations are the key to our common well—being, technological progress and economic security, so it is in the interests of both sides to further strengthen and develop this partnership," the European Commissioner stressed.

However, Sefcovic further noted that trade relations are currently facing serious problems.

"Washington unilaterally significantly increased import duties on goods produced in The Union. These duties are unjustified and cause economic damage to both sides. They disrupt supply chains, affect global markets, and negatively affect companies, workers, and farmers The EU and the US create uncertainty for transatlantic investments, increase the costs of consumers and businesses and increase inflation in The United States," he said.

Sefcovic warned:

"Although the United States temporarily reduced tariffs from 20 to 10%, and the EU in response suspended steel and aluminum countermeasures for 90 days to give negotiations a chance, US tariffs still affect 70% of EU exports, or 380 billion euros. Further customs measures are expected."

He said that the EU is responding to trade tensions through active diplomacy — ongoing negotiations with the US government in order to find mutually beneficial and fair solutions.

"The EU is calling for proposals on tariff reductions, industrial cooperation and the revival of transatlantic trade and has made it clear that it is ready for discussions. Now it's Washington's turn to demonstrate the same readiness," he added.

However, Sefcovic stressed that if negotiations with the US government do not bring satisfactory results, the EU is ready for alternative measures to restore competition conditions. During the 90-day break, Europeans will continue to prepare for countervailing actions and litigation to protect the rules-based trading system.

"The European Commission is ready to use all the tools at its disposal for trade protection of the Single Market, EU producers and consumers when necessary," Sefcovic stated at the end of his speech.

The European Commissioner confirmed that the EU will continue to expand its trade and investment relations in the world. Although on The United States accounts for 13% of world trade, the EU is also making efforts to use the remaining 87%. An agreement is being prepared with the Mercosur countries and Mexico, which can bring new markets, geopolitical benefits and commitments to ensure climate sustainability. In addition, negotiations with India, Indonesia, the Philippines, Thailand, Malaysia and United Arab Emirates. According to Sefcovic, the EU is also actively working on agreements with Angola, South Africa and Singapore aimed at strengthening sustainable investment, digital trade and clean supply chains.