If the EU does not reject the principle of US President Donald Trump's reciprocal tariffs, then they "must be beneficial for everyone," emphasised European Commissioner for Trade, Maros Sefcovic, on Thursday.
This week, EU trade chief Sefcovic travelled to Washington DC to meet US officials for discussions on the Trump administration's new trade policy, which risks majorly disrupting international trade.
Following his meeting with US Commerce Secretary Howard Lutnick on Thursday, Sefcovic denied in a press conference that the EU had agreed to lower tariffs on automobiles.
However, he indicated that the EU was willing to discuss this if the United States, in turn, were open to lowering tariffs on pick-ups and trucks, which "stand at 20 to 25%".
"We are fully ready to see how to lower import taxes on all products because I believe it will benefit businesses and consumers on both sides of the ocean," Sefcovic assured.
He also noted that the trade balance between the two partners was not as imbalanced as President Trump claimed, highlighting that the US trade deficit was closer to €50 billion according to Eurostat data.
"It is true that we have a surplus of around $150 billion on goods. But the US has a significant surplus of over $100 billion on services, which almost balances out," he detailed.
Sefcovic insisted, "We are talking about an American deficit of approximately €50 billion in our trade relations out of a total of $1.6 trillion. I don’t think this is something we cannot overcome."
Maros Šefcovic, Executive Vice President, Commissioner for Trade and Economic Security, European Commission, speaks at a roundtable with business stakeholders at the U.S. Chamber of Commerce in Washington, D.C. on February 19, 2025. Credit: EU
The European Commissioner also highlighted that trade between the two sides of the Atlantic represented "over 30% of global trade, making it the most important trade artery on the planet".
"If we fail to reach an agreement, it will have a huge impact and negative effects on the entire global economy. We are focusing on finding a positive outcome" to the emerging trade tensions between Washington and the EU," he added.
As Donald Trump has also announced tariffs on steel and aluminium, effective 1 March, Maros Sefcovic urged the President not to target each other regarding these products, reminding him that European production, which is "highly specialised", is "necessary for American companies".
Instead, the European official called for focus on the "overcapacity of production, more than 600 million tonnes" of steel and aluminium, pointing at China without naming it directly.
"I think that if we work together on these overcapacity issues, it would be beneficial for all of us," he affirmed.
