Allies strive to reach trade deal with US

Allies strive to reach trade agreement with the US

Overview of the G7 Finance Ministers and Central Bank Governors Meeting in Banff, Alberta, Canada on May 21, 2025. (Source: Reuters/VNA)

According to a VNA reporter in the US, the UK is currently the leading country in the race to reach an agreement with the US, after the two countries previously reached a preliminary agreement.

In the latest move, on June 16, President Trump signed a decision to reduce some tariffs on imported goods from the UK, such as reducing tariffs on aerospace products to zero from the end of this month, and lowering tariffs on cars to 10% for the first 100,000 imported cars, significantly lower than the previously announced 27.5% tax rate.

However, the steel tariff will not be reduced to zero as the leaders of the two countries agreed in May, but will still be subject to a 25% tax. In addition, the new regulation will allow the two countries to reciprocate 13,000 tons of each other's beef.

Meanwhile, for the European Union (EU), the US's largest trading partner, the two sides are continuing trade negotiations but have not yet reached an agreement.

EU spokeswoman Paula Pinho said the bloc was not yet ready to accept the US's 10% global tariff and that the two sides were currently in technical and political talks to resolve points of disagreement.

Before this G7 Summit took place, the President of the European Commission and the European Council also urged President Trump to end the tariff war.

The EU has repeatedly asked Washington to accept a "0-0" deal on industrial goods, but the Trump administration has not agreed due to concerns about barriers from Congress .

With the US's neighbor, Canada, Canadian Prime Minister Mark Carney said on June 16 that he had reached an agreement with President Trump on completing a new economic and security agreement within 30 days. In the coming time, officials of both countries will have a lot of work to do to make this a reality.

Mr Trump has previously said a new deal with Canada is possible but tariffs remain an important factor.

Also on June 16, Japanese Prime Minister Shigeru Ishiba met with President Trump on the sidelines of the G7 Summit. The Japanese government's announcement said the meeting lasted 30 minutes but did not provide details.

It is known that Prime Minister Ishiba wants President Trump to remove the 25% tariff on Japanese cars and the 24% reciprocal tariff on Japanese goods.

In recent days, Japan's Minister of Economy has met with US trade officials several times but has not made any progress. Economists warn that the US tariffs could reduce Japan's GDP by nearly 1%./.

According to VNA

Source: https://baothanhhoa.vn/cac-nuoc-dong-minh-no-luc-dat-thoa-thuan-thuong-mai-voi-my-252422.htm