US Treasury Secretary Highlights EU Trade Negotiations Challenges Amid Tariff Threat
Scott Bessent comments on the quality of EU proposals as President Trump warns of a potential 50% tariff on European imports.
MADRID.
US Treasury Secretary Scott Bessent stated that the proposals presented by the European Union during trade discussions have not matched the quality of those from other significant economies.
He expressed optimism that President Donald Trump's warning about imposing a 50% tariff on imports from the EU could 'spark a flame' that accelerates negotiations.
'I hope this ignites a flame under the European Union,' Bessent remarked in an interview.
Bessent pointed out that the EU 'has a collective action problem,' as the 27 member states are represented by the European Commission, leading to some countries being unaware of what the EU is negotiating on their behalf.
Regarding the ongoing negotiations, Bessent criticized the quality of the EU's proposals, stating they have not been on par with those from other major trading partners.
He noted that Trump's tariff threat is simply a response 'to the pace of the European Union.'
Bessent highlighted that there are '18 significant trade agreements we need to close,' focusing primarily on Asia.
He mentioned that notable proposals are being presented and that the United States has recently finalized an agreement with the United Kingdom.
'I believe there will be a couple more soon,' he anticipated.
He remarked on the positive reception of trade agreements from many Asian countries, asserting that, with the exception of the European Union, most are negotiating in good faith.
Additionally, on Friday, President Trump advised implementing a 50% tariff on products from the European Union starting June 1, 2025, citing a stagnation in trade talks with the bloc.
Trump conveyed through his Truth Social account that 'Our discussions with them are going nowhere! Therefore, I recommend a direct 50% tariff for the European Union starting June 1, 2025,' adding that 'No tariff will be applied if the product is made in the United States.'
US Treasury Secretary Scott Bessent stated that the proposals presented by the European Union during trade discussions have not matched the quality of those from other significant economies.
He expressed optimism that President Donald Trump's warning about imposing a 50% tariff on imports from the EU could 'spark a flame' that accelerates negotiations.
'I hope this ignites a flame under the European Union,' Bessent remarked in an interview.
Bessent pointed out that the EU 'has a collective action problem,' as the 27 member states are represented by the European Commission, leading to some countries being unaware of what the EU is negotiating on their behalf.
Regarding the ongoing negotiations, Bessent criticized the quality of the EU's proposals, stating they have not been on par with those from other major trading partners.
He noted that Trump's tariff threat is simply a response 'to the pace of the European Union.'
Bessent highlighted that there are '18 significant trade agreements we need to close,' focusing primarily on Asia.
He mentioned that notable proposals are being presented and that the United States has recently finalized an agreement with the United Kingdom.
'I believe there will be a couple more soon,' he anticipated.
He remarked on the positive reception of trade agreements from many Asian countries, asserting that, with the exception of the European Union, most are negotiating in good faith.
Additionally, on Friday, President Trump advised implementing a 50% tariff on products from the European Union starting June 1, 2025, citing a stagnation in trade talks with the bloc.
Trump conveyed through his Truth Social account that 'Our discussions with them are going nowhere! Therefore, I recommend a direct 50% tariff for the European Union starting June 1, 2025,' adding that 'No tariff will be applied if the product is made in the United States.'
