EU fails to finalise US trade deal despite Trump’s demands

The European Union failed to finalise a long-delayed US trade deal during overnight talks, despite warnings from President Donald Trump that he would soon impose fresh tariffs.

Negotiators from the European Parliament and EU countries met Wednesday night to discuss potential amendments to the transatlantic deal, which was initially struck last July. But they didn’t make any conclusive decisions, according to Cyprus, which holds the EU’s rotating presidency.

Talks will continue in the coming weeks.

Officials are “committed to moving swiftly,” Cypriot Energy Minister Michael Damianos said in a statement.

The EU is under mounting pressure from the US to ratify the trade pact. Trump last week threatened to increase duties on EU cars and trucks to 25% from 15%, accusing the EU of not moving fast enough to adopt the agreement.

Under the original accord, the EU agreed to erase levies on US industrial goods in exchange for a 15% tariff ceiling on most EU products, including autos. The US partially implemented its pledges while the EU worked through its legislative process.

US Ambassador to the EU Andrew Puzder said on Wednesday that the EU should expect higher auto tariffs “relatively soon” if it doesn’t make substantial progress this week.

-Bloomberg