The head of trade negotiations for the European Union said he wants to have a trade deal in place with the United States in less than a month.
Phil Hogan, European Union Trade Chief, says he’s looking to have a trade deal in place with the Trump Administration and the U.S. by March 18 when higher U.S. retaliatory tariffs on Airbus planes are set to take effect. The Trump Administration last week raised duties from 10 percent to 15 percent but suspended implementing the increase.
Politico reports Hogan is working on a package of agreements for EU leaders to present to Trump in the coming weeks. Among the potential concessions the EU may be willing to make are speeding up the approval process for certain Genetically Modified Organisms (GMOs), as well as allowing U.S. imports of tallow, which is a form of beef or sheep fat.
Hogan said the move by Washington, as well as the decision to not raise tariffs on EU farm goods, was seen as a positive sign that the U.S. is ready to make a deal. The U.S. also didn’t do anything to increase the 25 percent duties in place on European food and alcohol products.