Insiders: The US and Europe will reach an agreement on multiple non-tariff trade issues

According to BlockBeats, on June 21st, the Wall Street Journal reported that the United States and the European Union seem to be about to reach an agreement on multiple non-tariff trade issues, ranging from deforestation rules to the treatment of American technology companies in Europe. However, the fate of the tariffs that will be implemented by both trading partners is still unclear. Insiders revealed that a draft of a "reciprocal trade agreement" distributed by the Office of the United States Trade Representative lists a series of preliminary agreements on specific trade issues, including the EU's Digital Markets Act, carbon border tariffs, shipbuilding, and more. These individuals stated that the agreement appears to be nearing its final version, but emphasized that changes may still occur in the coming weeks. Insiders said that the text did not specifically mention any tariffs threatened or imposed by President Trump on the European Union - from the 20% equivalent tariffs suspended by Trump in April to higher tariffs on specific industries such as automobiles and steel. The text also did not provide detailed information on the EU's proposed retaliatory tariffs, which are scheduled to take effect on July 14th if an agreement cannot be reached. It is currently unclear whether the tariff issue will be resolved in a separate agreement, whether negotiations have reached a deadlock, or whether both parties will decide to extend negotiations beyond the July 9th tariff deadline set by Trump. Furthermore, it is uncertain whether the EU agrees to all the terms of the draft agreement. Representatives from the US government and the EU executive agency have currently declined to comment on the details of the agreement, but an EU spokesperson stated that both sides are "fully and deeply involved in negotiations, and reaching a mutually beneficial solution through negotiation is still our first choice".