Treasury Secretary Scott Bescent expressed hopes on Friday that the looming threat of new tariffs from President Trump might accelerate discussions with the European Union regarding a fresh trade agreement.
During an interview with Fox News, Bescent criticized the EU for not conducting “good” negotiations with the White House. This statement followed Trump’s announcement of a potential 50% baseline import tax on European goods.
According to Bescent, “The president thinks the EU’s proposal lacks the quality seen with other key trading partners,” he stated on Fox News’ “American Newsroom.”
“I won’t negotiate in front of the cameras, but I hope this will motivate the EU,” he added.
Trump threatened to implement a 50% tariff on the EU by June 1, giving European leaders just a week to reach an agreement with the White House.
The president and his economic team are aiming to finalize new trade agreements with over a dozen major trading partners before his proposed “liberation date” tariffs take effect in July.
On April 2, Trump announced hefty tariffs on nearly all foreign goods, with some exceeding 100%. He later declared a 90-day suspension of new import taxes, allowing time for more favorable trade negotiations.
The EU is one of the 18 major trading partners the US focuses on during trade talks. Earlier in the month, Trump revealed a non-binding agreement with the UK, which is one of the few countries that imports more from the US than it exports.
Bescent and US trade representative Jamieson Greer also reached a temporary deal with Beijing officials to lower tariffs on Chinese goods while seeking a resolution for the ongoing trade tensions with China.
