The European Union (EU) has agreed to negotiate with the US towards reaching a trade agreement following US President Donald Trump’s proposal of a 50% tariff on goods from the region. This came following allegations by the president that the EU was earlier reluctant to reach a deal to avoid the Trump tariffs.
In a Truth Social post, Donald Trump revealed that the EU has called to “quickly establish meeting dates” in a bid to reach a trade deal and avoid the 50% tariff that the president had earlier proposed. Trump stated that this is a positive event and that the European nations, just like China, will finally open up to trade with the US. He added that they will both be “very happy and successful” if they do.
This comes just after Donald Trump delayed the proposed 50% tariffs on the EU from June 1 to July 9. In his recent post, the president remarked that he was extremely satisfied with the 50% tariff allotment on the EU, especially since they were “slow walking” on negotiations with the US. He reminded everyone that he has the power to set a trade deal in the US if they are unable to make a deal or don’t get a fair deal.
US Treasury Secretary Scott Bessent has also stated that the EU wasn’t negotiating in good faith. This came as he also revealed that the US is far along in trade talks with some other nations.
Indeed, as CoinGape reported, the US and India may reach a trade agreement within seven to ten days, as the latter seeks to avoid the Trump tariffs of up to 26%. Meanwhile, the US is also far along in trade talks with some other Asian countries.
The upcoming meeting between the EU and the US is undoubtedly bullish for the crypto market, given how crypto prices sharply dropped when Trump earlier proposed to impose a 50% tariff on the region.
The Bitcoin price has rallied amid this latest Trump tariffs development. The flagship crypto is up in the last 24 hours, trading above the psychological $110,000 price level.
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