U.S. and EU Near Agreement on Non-Tariff Trade Issues

According to BlockBeats, the United States and the European Union are reportedly close to reaching an agreement on several non-tariff trade issues. These include regulations on deforestation and the treatment of American tech companies in Europe. However, the fate of tariffs that both trade partners are set to implement remains uncertain. Sources familiar with the matter revealed that the U.S. Trade Representative's office has circulated a draft of a "reciprocal trade agreement" outlining preliminary agreements on various trade issues. These include the EU's Digital Markets Act, carbon border tariffs, and the shipbuilding industry. The draft appears to be nearing its final version, though changes may still occur in the coming weeks. The draft does not specifically mention any tariffs threatened or imposed by U.S. President Donald Trump on the EU, such as the 20% reciprocal tariff paused in April or higher tariffs on specific sectors like automobiles and steel. It also lacks details on the EU's proposed retaliatory tariffs, which are set to take effect on July 14 if no agreement is reached. It remains unclear whether tariff issues will be addressed in a separate agreement, if negotiations have stalled, or if both parties will extend talks beyond the July 9 deadline set by Trump. Additionally, it is uncertain whether the EU will agree to all terms of the draft agreement. Representatives from the U.S. government and the EU's executive body have declined to comment on the details of the agreement. However, an EU spokesperson stated that both sides are "fully engaged in negotiations, with a mutually beneficial solution through dialogue being our preferred outcome."