The US and the EU have extended trade negotiations to July 9 under efforts to avoid steep tariffs. As discussions continue, both sides aim to protect critical trade flows and economic stability.
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00:00European businesses can breathe a sigh of relief, at least for now.
00:06U.S. President Donald Trump has agreed to give Europe more time to negotiate a trade agreement
00:12to avoid tariffs of 50 percent on exported goods.
00:17European Commission President Ursula von der Leyen is optimistic a deal can be brokered by the new July 9 deadline,
00:25stating on X that Europe is ready to act swiftly.
00:29Failing to reach consensus would be devastating for both economies.
00:33The U.S. is heavily dependent on imports from the EU.
00:37In 2022, it imported $720 billion worth of European products,
00:44more than what it imported from important trading partners China, Mexico, Canada and Japan.
00:51Currently, EU goods and services exports to the U.S. are hit with a 10 percent tax.
00:58Steel, aluminum and cars, a 25 percent levy.