00:00The EU agreed on Monday to prioritise trade talks with the US to avoid crippling tariffs.
00:08That's after President Donald Trump said he would impose 30% levies on most EU imports from August 1st.
00:15An amount which the EU trade chief said would wreck transatlantic trade.
00:20However, diplomats said there's still time to hammer out an agreement to prevent this.
00:24European Trade Commissioner Maros Levkovic had said he'd sensed that talks with the US were approaching, quote, a good outcome for both sides.
00:32But this new tariff threat on Saturday had, quote, created a new dynamic.
00:36So if you're talking about 30% or 30% plus, there will be a huge impact on trade.
00:42It will be almost impossible to continue the trading as we are used in a transatlantic relationship.
00:48And if you look at the impact this would have, so I have to say the transatlantic supply chains would be heavily affected on both sides of the Atlantic.
00:57He said the EU would need to prepare for all outcomes, including countermeasures.
01:02The Commission has already agreed to a package of potential tariffs on $24.5 billion worth of US goods, but has proposed suspending this package for now.
01:12It's also likely to seek a green light for a second package that had hit $84 million worth of US goods.
01:19Some EU ministers have agreed with the suspension, saying it's too early to impose countermeasures.
01:24They'll be at it for a second package.
01:32I'm going to look at it for a second package that $84 million worth of US goods.
01:33I'm going to look at it for a second package to have a little more history of the success of this package.
01:38On the other side, I've made a decision that I've been listed before.
01:41It means that I never had a chance.
01:44And I've received a chance at the До that I made another decision.
01:48But I'm going to take a short package of this package and I've made a decision.
01:50I'm going to make a decision that I've made.
01:51I think it's pretty cool that I've made a decision.
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