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Headlines

Germany's Merz urges 'quick and simple' EU-US trade deal

Published by Global Banking and Finance Review

Posted on June 26, 2025

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BRUSSELS (Reuters) -German Chancellor Friedrich Merz said on Thursday the EU should do a "quick and simple" trade deal with the United States rather than a "slow and complicated" one.

Merz spoke at the end of a summit of EU leaders in Brussels, where European Commission President Ursula von der Leyen said the EU had received a new proposal from U.S. President Donald Trump's administration in their transatlantic trade dispute.

With the clock ticking before a tariff respite expires on July 9, Merz said time was of the essence.

"We have less than two weeks until July 9 and you can't agree a sophisticated trade agreement in that time," he told reporters.

Merz said German industries such as chemicals, pharmaceuticals, mechanical engineering, steel, aluminum and cars were already being burdened with high tariffs that businesses were in danger.

Merz also said von der Leyen had suggested that Europeans build a new trade organisation that could gradually replace the World Trade Organization (WTO), which has struggled to function effectively in recent years.

He said the idea was in its early stages but could include mechanisms to resolve disputes, as the WTO was meant to do.

"You all know that the WTO doesn't work any more," he said.

Also on trade, Merz said EU leaders were "basically united" in wanting to finalise a trade deal with Latin America's Mercosur bloc as soon as possible. He said there were only "small differences" between EU members on the pact.

Asked about objections from France to the current proposal, Merz said he had spoken twice to French President Emmanuel Macron about the topic twice during the summit and felt there was "great readiness" to conclude the deal.

Macron, however, struck a different note, telling reporters France could not accept the deal as it stands.

(Reporting by Andrew Gray and Andreas Rinke, writing by Julia Payne and Andrew Gray, editing by Richard Lough)