EU must reach ‘balanced deal’ with US over tariffs: French finance minister #FrenchFinance

PARIS: France’s Finance Minister Eric Lombard on Tuesday said the European Union should reach a “balanced deal” with the United States on customs tariffs.

“We have negotiators who are playing hardball, we will play hardball but… we need to reach a balanced deal to protect our economies,” Lombard said.US President Donald Trump last week said the European Union had only been created to “screw” the United States and an announcement would follow for tariffs on EU products of 25 per cent.

“We are in tough negotiations with a US government that we can see is very tough in its international relations,” Lombard told France Info radio.He said his US counterpart Scott Bessent, whom he met on Thursday, told him they could also “bargain down” in talks.

“We need to look at this with a cool head,” the French minister added.“The European Union is the United States’ first market.”US tariffs of 25 per cent on Canadian and Mexican goods came into effect on Tuesday as a deadline to avert them passed without the neighbouring nations striking a deal.

The measure coincided with Washington raising a previously imposed 10 percent tariff on China to 20 per cent.Beyond the proposed levies on EU products, Trump has signed orders to impose 25 per cent tariffs on steel and aluminium from March 12.The European Union has vowed to retaliate with firm and proportionate countermeasures.