A resolution in the ongoing trade dispute between the European Union and the United States appears increasingly likely in the near future, according to the Secretary-General of the Organisation for Economic Co-operation and Development (OECD), Mathias Cormann.
Speaking to the German business publication “Handelsblatt”, Cormann indicated optimism surrounding the negotiations. “I am aware that the European side is currently looking at the situation very positively and that the discussions are progressing constructively” he stated. He also highlighted the mutual benefit of finding a solution, emphasizing that “trade barriers ultimately harm everyone.
The comments come as US President Donald Trump recently announced new tariffs against several countries. While the EU was not specifically targeted in that announcement, negotiators in Brussels remain hopeful for a breakthrough within the next few days, specifically by Tuesday or Wednesday.
The United States currently imposes additional tariffs of 25 percent on vehicles and auto parts and 50 percent on steel and aluminum products. Trump has also threatened to implement general import tariffs of 50 percent, a measure that remains under consideration. The OECD’s assessment suggests a desire for de-escalation and a commitment to continuing discussions aimed at resolving the trade tensions.