European Union proposes 'zero-for-zero' deal to the US

European Commission President Ursula von der Leyen held a joint press conference with Norwegian Prime Minister Jonas Gahr Støre in Brussels, Belgium. Von der Leyen made statements regarding the European Union's (EU) response to the new customs tariffs implemented by US President Donald Trump.

Emphasizing that the tariffs imposed by the US create a significant cost primarily for US consumers and businesses, von der Leyen said, "At the same time, they have major effects on the global economy. Developing countries, in particular, are being heavily affected. This is a major turning point for the US. Despite this, we are ready to negotiate with the US. In fact, we have proposed zero-for-zero customs tariffs for industrial goods to the US, just as we have successfully done with many other trade partners. Because Europe is always ready for a good deal."

Von der Leyen stated, "We are keeping this offer on the table. On the other hand, we are also ready to respond with retaliatory measures and to defend our interests. We are also prepared to protect ourselves against indirect effects that may arise in the event of trade diversion."

Highlighting that she has been holding meetings with industrialists in the European Union, von der Leyen said, "I am holding meetings with the automotive sector today, and with the pharmaceutical sector tomorrow morning. We are discussing the response to be given to the US, as well as the other two main pillars of our strategy. One of these is to strengthen the Single Market, that is, to remove the remaining barriers, and the other is to diversify our trade relations."

Emphasizing that the diversification of trade relations is of vital importance, von der Leyen said, "That is why we are sharply focusing our attention on the 83 percent of global trade outside the US. There are tremendous opportunities. We are deepening our relations with our trade partners. In addition to the agreements we have made with the Southern Common Market (MERCOSUR), Mexico, and Switzerland, we are working with Thailand, Malaysia, Indonesia, and many other countries."

News Source: İHA