EU Seeks to 'Fast Track' Trade Talks on Trump's Tariffs

Bloomberg

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00:01PRESIDENT BUNDERLAND, DID YOU DISCUSS THE 50% TARIFF?

00:10SHE JUST CALLED ME, AS YOU KNOW, AND SHE ASKED FOR AN

00:14EXTENSION ON THE JUNE 1st DATE AND SHE SAID SHE WANTS TO GET

00:17DOWN TO SERIOUS NEGOTIATION. WE HAD A VERY NICE CALL AND I

00:21AGREED TO DO THAT AND SHE SAID WE WILL RAPIDLY GET TOGETHER

00:26AND SEE IF WE CAN WORK SOMETHING OUT.

00:29BLOOMBERG, THE EUROPEAN COMMISSION IS COMING TO THE TABLE

00:31FOCUSING ON CRITICAL SECTORS INCLUDING AUTOS, CHIPS AND MORE.

00:35JOINING US NOW, THE TEAM COVERAGE WITH BLOOMBERG'S

00:38TYLER KENDALL IN WASHINGTON AND OLLI CROOK IN BERLIN.

00:40OLLI, WALK US THROUGH THE ASS. DO WE UNDERSTAND THE ASS FROM

00:44THE U.S. OF THE EUROPEANS?

00:47I THINK NOT YET AND I THINK THAT'S THE FRUSTRATION FROM THE

00:50EUROPEAN SIDE AND OF COURSE THE FRUSTRATION FROM THE U.S.

00:52SIDE IS THAT THERE'S NOTHING CONCRETE ENOUGH FOR THEM TO

00:54REALLY SINK THEIR TEETH IN AT THIS POINT AND THAT WE'RE STILL

00:56DEEP INTO THE WEEDS. THE MESSAGE FROM THE EUROPEAN COMMISSION

00:59OVER THE LAST COUPLE OF DAYS HAS BEEN, LISTEN, WE'RE NOW ON THE

01:01FAST TRACK WITH NEGOTIATIONS WITH THE UNITED STATES, YOU KNOW,

01:04TRYING TO BREATHE SOME MOMENTUM AND A BIT OF POSITIVITY INTO

01:07THESE TALKS THAT REALLY, FRANKLY, HAS NOT BEEN THERE SO FAR.

01:10SO WHAT WE UNDERSTAND NOW IN TERMS OF THE FOCUS OF THE EU

01:13COMMISSION IS THEY'RE GOING TO FOCUS ON NEGOTIATING FIRST THE BIG

01:15FIVE. THAT IS GOING TO BE STEEL AND ALUMINUM, CARS,

01:18PHARMACEUTICALS, SEMICONDUCTORS AND PLANES.

01:21THERE IS STILL THE ISSUE OF THE NON-TARIF BARRIERS, RIGHT?

01:24THIS IS PART OF THE COMPLEXITY OF NEGOTIATING ON BEHALF OF 27

01:27MEMBER STATES. SOME OF THE ISSUES THE TRUMP ADMINISTRATION WANTS TO

01:30DEAL WITH ARE UNDER DOMESTIC REGULATORY OR TAX SORT OF

01:34CONSIDERATIONS AND THE EU DOES NOT HAVE AUTHORITY TO NEGOTIATE ON.

01:38AND THEY WANT TO ALSO FOLD IN SOME OF THE REGULATORY BARRIERS WITH A

01:41BROADER SIMPLIFICATION PUSH THAT THE EU HAS BEEN PUSHING FOR THE LAST

01:45COUPLE OF MONTHS IN THEIR NEW COMMISSION. BUT WHEN I HEAR THAT, JOHN, I GET A

01:48LITTLE BIT WORRIED BECAUSE WE ONLY GOT ABOUT SIX WEEKS WORTH OF

01:51RUNWAY HERE AND I KNOW HOW MUCH TIME IT TAKES TO GET SOME OF THESE

01:54INITIATIVES THROUGH THE EU AND HOW DIFFICULT THEY ARE TO

01:57UNDERSTAND AND THAT IS NOT WHAT THE TRUMP ADMINISTRATION IS AFTER.

02:00TYLER, JULY 9, HOW DIFFICULT IS IT GOING TO BE TO GET SOMETHING

02:03OVER THE LINE?

02:05WE ALSO HAVE TO KEEP IN MIND THAT THAT'S THE SAME DATE THAT THESE OTHER

02:08COUNTRIES ARE ALSO UP AGAINST WHEN IT COMES TO NEGOTIATING THE

02:11SO-CALLED RECIPROCAL TARIFS AND WHILE OF COURSE THIS IS A

02:14POSITIVE STEP TO ALLOW SOME MORE RUNWAY, THERE'S STILL A LONG

02:18WAY TO GO HERE AS YOU WERE HEARING OLIVER OUTLINE.

02:21AT THIS POINT THERE REALLY HAS BEEN FRUSTRATION FROM THE EUROPEAN

02:23UNION THAT IT'S UNCLEAR WHAT THE U.S. NEEDS TO SEE IN ORDER FOR

02:27THERE TO BE A DEAL. BUT ON THE OTHER SIDE OF IT WE'VE REALLY HEARD

02:30WHITE HOUSE OFFICIALS REPEATEDLY TELL US THAT THEIR POINT OF

02:32FRUSTRATION IS THAT IT'S BEEN HARD TO BUILD CONSENSUS SINCE THEY ARE

02:35NEGOTIATING AS A BLOCK AND IT'S HARD TO GET ALL 27 MEMBER STATES

02:39TO ULTIMATELY AGREE. WE'RE GOING TO BE WATCHING REALLY CLOSELY

02:42OF COURSE SOME AREAS HERE OF COURSE THOSE CRITICAL SECTORS THAT

02:44HAVE BEEN SUBJECT TO SECTION 232 INVESTIGATIONS BUT ALSO HOW THE EU

02:48PERHAPS PLEDGES TO BOOST INPORTS FROM THESE AREAS.

02:51ALSO U.S. LNG IS AN IMPORTANT ONE TO WATCH BUT ULTIMATELY JOHN WE'RE

02:55GOING TO HAVE TO SEE HOW THIS SHAKES OUT BECAUSE THERE'S A LOT OF

02:58DIFFICULTY HERE WHEN WE KNOW THAT THE WHITE HOUSE IS

03:01PRIORITIZING THOSE NON-TARIF BARRIERS WHICH AT THIS POINT A LOT

03:05OF IT SEEMS TO BE A RED LINE.

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