Investing.com -- U.S. President Donald Trump has increased his demands in trade negotiations with the European Union, now seeking a minimum tariff of 15 to 20 percent in any potential deal, according to a report from the Financial Times, citing people briefed on the discussions.
The tougher position comes after weeks of talks that had focused on maintaining a baseline tariff of 10 percent on most goods. Trump has also reportedly been unresponsive to the EU’s latest offer to reduce car tariffs and appears willing to maintain the planned 25 percent duties on the automotive sector.
EU Trade Commissioner Maroš Šefčovič delivered a pessimistic assessment of his recent Washington talks to EU ambassadors on Friday, the report noted.
A U.S. official indicated the administration is now targeting a reciprocal tariff rate exceeding 10 percent, even if both sides reach an agreement.
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