European officials warn more work required to achieve a deal with us

European officials say they are optimistic about the trade transaction with US President Donald Trump, warning of considerable economic damage to both Europe and the US if the agreement is not agreed and full -scale tariffs will be introduced.

“I believe that the agreements can be reached, but at the same time I know that we have a lot of work we need to do to get to this point,” said Pascal Donaho, the President of the Eurogroup and the Ireland Finance Minister, CNBC Wednesday.

“When we use the time ahead, we can at least create the basis in which we can avoid taking measures on both sides of the Atlantic, which can harm ourselves, harm Europe and harm America,” he said on the sidelines of the International Monetary Fund and the World Bank in Washington.

The European Union and the United States are running strained negotiations to reach a trading transaction to the US tariffs for EU goods announced by Trump, announced by Trump, and opposition to the EUcan be avoided.

Trump initially imposed 20% of the “mutual” tariff for all goods coming from the EU but stopped measures for 90 days for negotiations, reducing the duty to 10% so far. There are 25% of the tariff for foreign cars and steel and aluminum imports.

The EU has stopped retaliation for 21 billion euros ($ 24.1 billion) of US goods “to provide time and place for negotiations in the EU”, “” said the European Commission.

Negotiations have not yet given any material compromises and results, Say European officialsand background for discussion, probably Once the EU fined in the USA for violation of the laws on the digital competition of the block.

The EU insists that its trade in goods and services in the US is quite balanced. Data of the European CommissionThe EU’s executive hand said the block had a trade surplus of 155.8 billion euros (176.7 billion) from the United States for goods in 2023, but by 104 billion euros. Overall, the EU-WHO trading in goods and services in 2023 cost 1.6 trillion euros, According to the EU.

Machines and vehicles make up the largest piece of export to the EU in the US by a group of products, and it is chemicals, other products and medicines and pharmaceuticals.

Spanish Finance Minister Carlos Kuerpo said CNBC that any inability to achieve a deal will be harmful to both Europe and the USA, for the US, the USA, With more than 4 billion euros ($ 5.1 billion) trade in goods and services per day.

“We need to have an open and sincere conversation between the Atlantic’s two sides, because there is something to lose if we do not enter into a fair and balanced agreement,” said Cuerpo Carolin Roth in Washington.

“There is this specific figure, a day of 4.5 billion euros throughout the Atlantic in terms of trade in goods and services is a treasure that we need to defend,” he said.

“This is (important) as we face these EU talks, with a long -hand, reaching an agreement. But it must be a fair agreement. Let’s not forget that in the current situation, most tariffs imposed by the US administration are already in force and affecting our companies.”

EELCO Heinen, Minister of Finance of the Netherlands, killed tariffs as taxation of goods that are “so bad for consumers” and would make the enterprises suspend investment.

These were the “help” of the Global Economic and Inflation Fund, based on data available as of April 4 – including “mutual” US tariffs, but except for the following events such as on 90-day pause at higher tariffs.

– Hakyung Kim CNBC made a report to this story