The EU can fix the “very rapid” showdown Tarifari spending $ 56 million on American products

EU nations could be committed to spending an additional $ 56 billion on North -American products to end the tariff presentation with United States President Donald Trump, said EU Commerce Commissioner Maros Sefcovic Financial time Posted on Thursday.

Sefcovic, who has been leading negotiations with the North -American Administration, said that “certain advances” had been made, but the European Union would not accept the 10 percent of the United States rate on EU goods.

Sefcovic said that once the North -American services are taken into account, the United States trade deficit with the 27 EU nations is about 50 billion euros ($ 56 million) a year.

“If what we are considering as a problem in the deficit is 50 million euros, I think we can really … solve this problem very quickly through GNL purchases (Liquid Natural Gas), through some agricultural products such as soy or other areas,” said the Commissioner to FT.

Trump has said that the deficit is of several hundred million dollars a year and has imposed a 25 percent rate on EU, aluminum and steel cars. Other goods have a 10 percent rate.

The President of the United States originally imposed a 20 percent rate on EU goods, but this has been suspended until July, and negotiators seek to avoid a complete trade war on rates if this level comes into force.

Sefcovic said that even a 10 percent base rate would be a “very high” level that the EU could not accept.

The commissioner said that while the two parties had a greater understanding of the other’s position, it would still be “very difficult” to reach an agreement that was “clearly good and acceptable to our Member States and our European Parliament”.

This story originally presented to Fortune.com

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