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(Bloomberg) — French finance minister Eric Lombard said the European Union can clinch some form of a trade agreement with the US before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products.
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“From the experience of the last few months, we can clearly see that the US is in on the deal,” Lombard said in an interview Sunday with La Tribune Dimanche newspaper.
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As part of the negotiations between the EU and Washington, “there may be discussions on energy, particularly on liquefied natural gas,” he said.
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“Europe is still buying Russian LNG. Three LNG liquefaction plants are under construction in the Gulf of Mexico. We can therefore increase our imports of American gas, and this could be used to avoid the 10% increase in customs tariffs,” Lombard added.
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President Donald Trump in April announced a raft of so-called reciprocal tariffs on nearly all US commercial partners, targeting trade barriers American companies face abroad, such as duties, domestic regulations and taxes. Those 50% tariffs are set to be imposed July 9.
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In addition to the universal levy, Trump has introduced a 25% tariff on cars and a 50% duty on steel and aluminum. He’s also working to expand tariffs on other sectors, including pharmaceuticals, semiconductors and commercial aircraft.
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European Commission President Ursula von der Leyen told EU leaders behind closed doors at a Thursday summit that she was confident a deal could be reached before the deadline to avoid an economically damaging escalation, Bloomberg reported on Friday, citing people familiar with the matter.
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Still, the French finance minister called for firmness toward Washington.
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“The first countermeasures on €22 billion of imports from the US are on hold. We are working with the European Commission on a second, much broader package,” Lombard said. The ideal would be to reach an agreement without having to implement such a countermeasure, the minister said.
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