US Working On Parts Of EU Deal, No Major China Breakthrough Likely, Says Trump's Trade Rep

(MENAFN- Live Mint) The United States is pressing forward on various trade fronts, with ongoing efforts to close its deal with the European Union (EU), continued monitoring of its agreement with China and persistent negotiations with India.

The US trade representative spoke about the progress in US trade deals with other countries in an interview with CNBC.

EU deal: Focus on steel and digital services tax

US trade representative Jamieson Greer said on Monday that "there are certainly areas to keep working on in different sectors", referring to the US-EU framework announced over the weekend.

Despite a framework agreement with the EU announced over the weekend, the US is still actively working on specific sectors, including tariffs on steel and digital services taxes, Reuters reported.

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These areas represent key points of ongoing discussion as both sides aim to fully implement the trade framework. The recently announced deal includes a 15 per cent tariff rate on about 70 per cent of European goods entering the US, including cars and computer chips, along with an agreement for the EU to purchase significant amounts of US energy and invest in the US.

However, the 50 per cent US tariff on imported steel from the EU remains.

Progress in US-China talks

Regarding China, Greer indicated that the current meetings are focused on continued monitoring and the progress of the agreement.

"I don't expect some kind of enormous breakthrough today. What I expect is continued monitoring and checking in on the implementation of our agreement thus far,” he said.

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Trade analysts have projected that another 90-day extension of an existing tariff and export control truce which was struck in mid-May between China and the United States is possible.

An extension would facilitate planning for a potential meeting between Trump and Chinese President Xi Jinping in late October or early November, Reuters reported.

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