EU Readies for No-Deal Scenario in US Trade Talks
Even with an agreement, European officials expect terms won’t be as favorable as before.
Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
EU envoys are due to meet as early as this week to decide what to do in case the bloc fails to seal a trade deal with the US by Aug. 1. Talks continued through last week but a breakthrough proved elusive, prompting officials in Brussels to consider a no-deal scenario. Donald Trump’s negotiating position is seen to have hardened ahead of the deadline. The US president’s administration is pushing for a near-universal tariff at higher than 10%, with only a few exceptions for aviation, medical devices and some spirits, we’re told. Even with an accord, EU officials expect the terms won’t be as favorable as before. Meanwhile, companies on both sides are having to work around one of the factors they most fear: uncertainty.