EU Proposes Zero Tariffs on US Industrial Goods Amid Trade Tensions

The European Union has proposed a 'zero-for-zero' tariff deal with the United States to eliminate tariffs on all industrial goods, aiming to avert a deepening trade war following the announcement of a 20% tariff on EU imports by President Trump. European Commission President Ursula von der Leyen emphasized the EU's readiness to negotiate, while warning of potential countermeasures if the tariffs remain in place. The EU's trade commissioner also highlighted offers made to increase purchases of U.S. liquefied natural gas and soybeans, as well as cooperation on critical raw materials. Despite the EU's overtures, Trump's administration has expressed a willingness to negotiate only under specific conditions, including significant monetary contributions from the EU. The escalating tariffs have already caused turmoil in global markets, with fears of a recession increasing. Trump's administration insists that these tariffs are necessary to rebalance trade and protect U.S. manufacturing interests.