The EU provides an American trade agreement based on the `respect ” after Trump’s pricing threats

The European Union’s trade head said that the 27-members’ block has committed to concluding a trade agreement with the United States on the basis of “respect” and not “threats”.

This comes after US President Donald Trump threatened to slap a 50% rate on all goods sent to the United States of the EU.

“The EU is fully committed, committed to concluding an agreement that works for both,” said EU trade commissioner Maros Sefcovic

“EU-US trade is unmatched and must be guided by mutual respect, not threats. We are ready to defend our interests.”

Earlier Friday, Trump expressed his impatience with regard to the pace of EU-US trade negotiations, saying that his plan to increase prices on June 1 was established.

Publishing on his social platform Truth, Trump said: “Our discussions with them (the EU) are going nowhere”, adding that there would be no prices for products built or manufactured in the United States.

“I am not looking for an agreement-we have concluded the agreement,” he told journalists later, before immediately adding that a big investment in the United States by a European company could have him open to a delay.

The EU is one of Washington’s largest trade partners, sending more than $ 600 billion (528 billion euros; 443 billion pounds sterling) in goods last year and buying $ 370 billion, according to US government figures.

Reacting to Trump’s threats, European governments have warned that higher prices would be damaging on both sides.

“We do not need to follow this path. Negotiations are the best and the only sustainable path,” said Taoiseach (Prime Minister) Micheál Martin.

“We maintain the same line: de-escalation, but we are ready to answer,” said French foreign minister Laurent Saint-Martin.

The German Minister of Economy, Katherina Reiche, said that “we have to do everything to ensure that the European Commission is reaching a negotiated solution with the United States”.

Dutch Prime Minister Dick Schoof told journalists that he supported the EU strategy in commercial talks and that “we saw before the prices could go up and down with the United States”.

Last month, Trump announced a tariff of 20% on most EU goods, but reduced it by half to 10% until July 8 to give time for more negotiations.

Trump’s complaints concerning Europe have focused on its unequal commercial relationship, as the EU sells more goods in the United States than it bought from America.

He blames this trade deficit on policies which, according to him, are unfair to American companies, and he has specifically raised concerns concerning policies related to agricultural cars and products.

Trump also warned Apple that he would impose an import tax of 25% “at least” on iPhones not manufactured in America, later widening the threat to a smartphone.

The actions of the United States and the EU dropped Friday after the last threats, the S&P 500 down approximately 0.7% and Germany and the CAC 40 of France ending the day by more than 1.5%.