Published by Global Banking & Finance Review®
Posted on July 27, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleUS Commerce Secretary Howard Lutnick urges the EU to open markets to avoid a 30% tariff hike. Trump seeks better access for US firms, with a 50-50 chance of a deal.
(Reuters) -The European Union must open up its markets for U.S. exports in order to convince U.S. President Donald Trump to reduce a threatened 30% tariff rate due to kick in on August 1, U.S. Commerce Secretary Howard Lutnick said on Sunday, adding Brussels clearly wanted to make a deal.
"The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30% tariffs that he set," Lutnick told "Fox News Sunday," adding that Trump was looking to increase access for U.S. firms.
He said the ultimate decision would be up to Trump, who has said there is a 50-50 chance a deal can be reached with the EU.
(Reporting by Andrea Shalal in Edinburgh and Ahmed AbouleneinEditing by Peter Graff)
Market access refers to the ability of a company or country to sell goods and services in a foreign market. It often involves negotiations and agreements to reduce trade barriers.
Economic growth is an increase in the production of goods and services in an economy over a period of time, often measured by the growth of gross domestic product (GDP).
Explore more articles in the Headlines category
