Commissaire européen au commerce : les États-Unis ont assuré qu'ils respecteront l'accord commercial UE-États-Unis conclu l'année dernière

Local time Thursday (March 5), EU Trade and Economic Security Commissioner Shefchovich stated that after receiving assurances from the United States, he believes the U.S. will honor the trade agreement signed with the EU last year.

" I believe the United States will fulfill the agreement because that is the guarantee I received from my American counterparts," he said.

Following the U.S. Supreme Court’s decision last month to overturn most of President Trump’s tariffs, he signed an executive order imposing a 10% tariff on imported goods. However, U.S. Treasury Secretary Bessent stated on Wednesday that the tariff rate could be further increased to 15% later this week.

In early April 2025, Trump introduced the so-called “reciprocal tariffs,” unilaterally raising tariffs on nearly all trading partners, citing the legal basis of the 1977 International Economic Emergency Powers Act (IEEPA). But on February 20, the U.S. Supreme Court ruled that Trump’s actions were unconstitutional.

Trump did not accept the ruling and subsequently announced a new 10% tariff under Section 122 of the Trade Act of 1974, for a period of 150 days.

Last July, Trump reached a trade agreement with European Commission President von der Leyen. Under the agreement, most EU exports to the U.S. will be subject to a 15% tariff, while the EU will remove tariffs on various American goods.

However, unlike the tariff arrangements in the EU-U.S. trade agreement, the additional tariffs imposed by Trump are levied on top of the Most Favored Nation (MFN) rate, meaning some EU exports may face higher tariffs than before.

Shefchovich signed an agreement with Canadian Trade Minister Sidu on Thursday to expand trade relations and simplify trade rules within the existing framework. Currently, many countries worldwide are working to increase trade with nations and regions outside the U.S.

Canada and Europe are both seeking to reduce dependence on the U.S. market. The U.S. is Canada’s largest trading partner, accounting for nearly 70% of its exports, making Canada particularly vulnerable to changes in U.S. trade policy.

Canadian Prime Minister Kenny has set a goal to double Canada’s trade outside the U.S. over the next decade.

Sidu stated, “This is not just an economic goal but a strategic one, aimed at reducing vulnerabilities, protecting Canadian workers from shocks beyond our control, and building long-term resilience. Europe is an important partner in achieving this ambitious goal.”

He also said that negotiations between Canada and the EU on digital trade—Canada’s first such agreement—will be completed within this year.

(Article source: Caixin)