Optimism for a Swift EU-US Trade Agreement

German Chancellor Friedrich Merz has voiced his optimism regarding the European Union's ability to finalize a trade deal with the United States by the end of July. Speaking to parliament on Wednesday, Merz highlighted the ongoing discussions with US President Donald Trump and the European Commission (EC) as pivotal to achieving this goal.

Key Objectives of the Trade Deal

Merz emphasized the importance of establishing a trade agreement that minimizes customs duties between the two economic powerhouses. "Our goal is to reach a trade agreement with the United States of America as quickly as possible that links mutual trade between America and the European Union with the lowest possible customs duties," he stated.

Proposed Tariff Plan and Industry Exemptions

According to reports from Politico, the United States has proposed a trade arrangement featuring a 10% base tariff on products, with notable exemptions for industries such as aircraft and alcoholic beverages. European Commission Chief Ursula von der Leyen has assured that the EU is prepared for all eventualities in the ongoing trade discussions with the US.