The European Union is drawing up a peace offer it hopes will end trade hostilities with the White House and avoid steel and aluminum tariffs being imposed on the bloc in two weeks’ time, according to European officials.
Its centerpiece: A miniature, simplified version of the Transatlantic Trade and Investment Partnership — the controversial EU-US trade agreement that was negotiated but never concluded under the Obama administration.
To complete the offer, the EU is considering joining forces with the US in tackling what both see as China’s unfair trade practices, the officials said. The proposed mini-deal fulfills a central demand of President Donald Trump: lower tariffs on US cars, parts and industrial machinery entering Europe.
In return for lower barriers, which could also apply to some agricultural products and pharmaceuticals, the EU would ask for its companies to be granted access to US government procurement, a longstanding hurdle in the TTIP negotiations
Source : Market Watch