Countries Race For Trade Deals Before Trump's August 1st Deadline
July 21, 2025
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4:52Bloomberg News Now: EU Tariff Tensions and Global Cyberattack Shake Markets
5:04Now PlayingCountries Race For Trade Deals Before Trump's August 1st Deadline
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as posted by the channelGautam Mukunda, Bloomberg Opinion columnist and lecturer at Yale School of Management, discusses President Trump's race to achieve global trade deals and the political fallout he's facing in his second term.
European Union and US negotiators are heading into another week of intensive talks, as they seek to clinch a trade deal by Aug. 1, when US President Donald Trump has threatened to hit most EU exports with 30% tariffs.
Officials in Brussels are prepared to stomach an unbalanced agreement that favors the US if that’s what is required to break the impasse before the deadline. But the two sides have yet to yield a decisive breakthrough despite an earlier round of negotiations in Washington last week, according to people familiar with the matter.
Because of that the EU is also stepping up preparations to retaliate in a scenario where there is no agreement. EU envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal with Trump, whose tariff negotiating position is seen to have stiffened ahead of the deadline.
“These negotiations are difficult,” French Finance Minister Eric Lombard said ahead of a meeting with business federations in Paris. “If we do not reach a balanced agreement with the United States of America, then we reserve the right to take countermeasures that are balanced, of course, but aimed at upholding the interests of the European Union.”
The US is now seen pushing for a near-universal tariff on EU goods higher than 10%, with increasingly fewer exemptions limited to aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, said the people, who spoke on condition of anonymity to discuss private deliberations.
A spokesperson for the European Commission, which handles trade matters for the bloc, said they had no comment to make on the ongoing negotiations.
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