Lutnick and US Trade Representative Jamieson Greer were in Brussels on Monday for their first official visit since reaching a trade deal with the EU in July.
The deal set a 15% US tariff on many EU goods, while the EU pledged to erase tariffs on US industrial products as well as some agriculture and food items. The two sides also vowed to keep working to lower other tariffs, including a 50% levy on EU steel and aluminum, which the bloc has now matched with its own 50% tariff on steel imports above a certain quota.
Lutnick made clear any deal on steel or aluminum is contingent on the EU rolling back some of its regulations on major American tech companies. Lutnick and Greer met with EU technology czar Henna Virkkunen on Monday to discuss the issue before having lunch with EU trade ministers.
“The idea is if they take the foot off this regulatory framework and make it more inviting for our companies, they can get the benefit of hundreds of billions, possibly one trillion of investment,” Lutnick said.
See also: Russia cuts key rate to 15.5% despite uptick in inflation
Uploaded by Magessan Varatharaja
