Ahead of the July 9 deadline where the U.S. will begin to charge a 50% tariff on nearly all imported European Union goods, the 27-nation bloc is now considering lowering tariffs on certain U.S. imports in order to get a better trade deal, according to the Wall Street Journal.
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That contrasts with prior reports claiming the EU was preparing to step up its retaliatory tariff strategy, which included higher duties on Boeing (BA) aircraft and $110 billion of U.S. goods. It’s also possible the EU had a change of heart amid a Thursday dinner meeting that included European Commission President Ursula von der Leyen and other leaders.
EU Contemplates U.S. Tariff Strategy
In addition, the EU is considering slashing non-tariff countermeasures and bulking up imports of U.S. products, like liquefied natural gas. President Trump previously said that the EU was created to “screw” the U.S, signaling his hardline approach in accepting trade terms.
In 2024, the U.S. exported $370.2 billion of goods to the EU and imported $605.8 billion, resulting in a goods trade deficit of $235.6 billion.
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