\n<\/p>\n
The new term sheet from the European Commission runs to 11 pages and 7 chapters, the officials said, and includes offers on tariffs and non-tariff barriers, as well as on economic security and investments.<\/p>\n
Although he didn\u2019t confirm the existence of the letter last week, EU trade chief Maro\u0161 \u0160ef\u010dovi\u010d did say the European Union was looking to team up with the U.S<\/a>. to tackle overcapacity in the steel sector, reduce dependencies on critical minerals, and further cooperate on sensitive technologies such as AI and chips.<\/p>\n \u201cThere are areas where we are absolutely convinced that we can achieve much better results if we would address them jointly as allies,\u201d \u0160ef\u010dovi\u010d told a press conference after a meeting of the EU\u2019s trade ministers on Thursday.<\/p>\n The exchange of documents paves the way to a negotiated solution between Brussels and Washington, as time is running thin before a temporary truce on the tariffs Trump imposed on April 2 lapses early July.\u00a0<\/p>\n On top of a 10 percent tariff, Washington still imposes a 25 percent levy on cars as well as steel and aluminum \u2014 and with no solution by early July, a higher tariff of 20 percent would kick in on European goods.\u00a0<\/p>\n \u0160ef\u010dovi\u010d confirmed he had a \u201cconstructive\u201d call last Wednesday with U.S. Commerce Secretary Howard Lutnick, and that he would meet with Trade Representative Jamieson Greer during an OECD meeting in Paris early June<\/a>.\u00a0<\/p>\n A spokesperson for the European Commission declined to comment, adding that \u201ctechnical and political level contact continues.\u201d\u00a0<\/p>\n This story has been updated.<\/em><\/p>\n<\/div>\n