U.S. Commerce Secretary Criticizes EU's Slow Trade Progress

U.S. Secretary of Commerce Gina Raimondo recently expressed her frustration with the slow progress in trade negotiations between the United States and the European Union. She suggested that the EU might be the last to reach a trade agreement with the U.S. under the current administration. Raimondo acknowledged that the negotiations have been particularly challenging, citing the EU's complex regulatory environment and stringent standards as significant hurdles.

Raimondo's comments come at a time when the U.S. is accelerating its efforts to finalize trade deals with multiple partners. The U.S. has made strides in reaching trade agreements with other countries, and Raimondo expects several new agreements to be finalized in the coming weeks. However, the negotiations with the EU have been slower, with both sides struggling to find common ground on key issues such as regulatory standards and market access.

The slow progress in U.S.-EU trade negotiations highlights the complexities involved in aligning the regulatory frameworks of two of the world's largest economies. The EU's stringent standards and the U.S.'s push for market access are key points of contention, making it challenging to reach a mutually beneficial agreement. Raimondo's remarks underscore the need for both sides to address these issues and find common ground to move forward with the negotiations.

Despite the challenges, Raimondo remains optimistic about the possibility of reaching a trade agreement with the EU. She noted that the EU has recently made some progress in addressing the U.S.'s concerns, but there is still a long way to go. The outcome of these talks will have significant implications for global trade and economic relations between the U.S. and the EU.

In an effort to avoid a hard deadline for tariff increases, EU Trade Commissioner Maros Sefcovic has been in close contact with Raimondo and U.S. Trade Representative Jamieson Greer. The two sides agreed to accelerate the negotiations two weeks ago, but it remains unclear whether a full agreement can be reached by the deadline.

Raimondo also criticized the EU's regulatory environment, which she described as a "non-tariff barrier" to trade. She noted that the EU's regulations on U.S. technology companies and its value-added tax system are particular points of contention. Raimondo's comments reflect the broader frustration within the Trump administration over the slow progress in U.S.-EU trade negotiations.

The U.S. Treasury Secretary, Steven Mnuchin, has also expressed frustration with the EU's approach to trade negotiations. He noted that while most of the U.S.'s trading partners are engaged in "sincere negotiations," the EU is an exception. Mnuchin criticized the EU's "collective action problem," referring to the difficulty of reaching consensus among its 27 member states.

Despite the challenges, Raimondo remains optimistic about the possibility of reaching a trade agreement with the EU. She noted that the EU has recently made some progress in addressing the U.S.'s concerns, but there is still a long way to go. The outcome of these talks will have significant implications for global trade and economic relations between the U.S. and the EU.