The European Trade Commissioner showed this Monday, 24th, to the United States that the European Union (EU) “is complying” with the trade agreement with the North American bloc, purchasing more liquefied natural gas (LNG) and investing more.
“I am pleased to show that the EU is not only committed, but also delivering. The Union’s strategic energy purchases [nos Estados Unidos]covering LNG, nuclear and oil, have already reached 200 billion dollars [cerca de 173,7 mil milhões de euros] este yes”, says Maros Šefčovič, em Bruxelas.
Upon arrival at the meeting of EU trade ministers – on the day that the US Secretary of Commerce, Howard Lutnick, and the United States Trade Representative, Jamieson Greer, are in the Belgian capital -, the European commissioner explained that “the US share of LNG imports from the EU, in itself, increased from 45% to 60%, driven by long-term contracts”.
“EU investment in the US has also risen by almost 100%, to 154 billion euros since January, and we know that contracts are being negotiated for the purchase of more than 40 billion dollars in ‘chips’ for the European economy”, he added.
Still, Maros Šefčovič acknowledged that “there is more work ahead, especially in steel and steel products, where we seek to both reduce tariffs and tackle global overcapacity together.”
“This is a priority area for the EU, as demonstrated recently by the adoption of our steel regulation, to help restore balance in the European market”, he added, alluding to European limits on imports of iron alloy products (ferroalloys) as a measure to protect this industry.
Maros Šefčovič said that the meeting with the Americans “is not about negotiations, but about a general analysis” of EU relations with the United States, although the European Commission is expected to present a list of sectors that it intends to exempt from US tariffs today.
Portugal is represented at the Commerce Council by the Secretary of State for European Affairs, Inês Domingos.
Last July, the EU and the US reached a political tariff trade agreement that establishes a 15% base tariff on most European exports to the United States, including sectors such as automobiles, semiconductors and pharmaceuticals, with this amount serving as a clear ceiling for customs duties.
At the same time, it was agreed to eliminate tariffs for strategic products: aircraft and their parts, some chemicals, generic medicines, semiconductor equipment, certain agricultural products and critical raw materials.
Despite this, tariffs on steel and aluminum remain at 50%, although the agreement provides for the future introduction of a quota system to limit this surcharge.
Furthermore, the EU has committed to purchasing $750 billion in energy – mainly LNG and nuclear fuel – from the United States by 2028 and investing $600 billion in strategic North American sectors during that period.
Efforts aim to restore stability and predictability in transatlantic exchanges.