By Jan Strupczewski
BRUSSELS (Reuters) -The trade deal struck last week between the United States and Britain is probably not going to serve as a template for a trade agreement between the U.S. and the European Union, Lithuania’s Finance Minister Rimantas Sadzius said on Tuesday.
In an interview with Reuters on the sidelines of an EU finance ministers meeting in Brussels, Sadzius said the trade relationship between the U.S. and the 27-nation EU was a much bigger one than the one Washington had with Britain.
“I have big doubts that the EU will have to … adopt any template from anywhere,” Sadzius said.
Washington and London last week announced a limited bilateral trade agreement that leaves 10% U.S. tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British cars.
The two sides agreed to continue trying to agree a broader deal that will cover pharmaceuticals and reducing the remaining reciprocal tariffs.
But Sadzius said the EU economy was a much more powerful trading bloc. “I think European institutions are strong in this negotiation process, very strong,” he said.
“Competition between the European Union and the United States…is something that designs or defines the economic map of the world.”
According to the U.S. trade department, trade with the European Union totaled $976 billion in 2024, more than six times the value of trade with the UK which added up to $148 billion.
The European Commission said it was analysing the UK-U.S. agreement for impact on the EU and global trade as it continues to negotiate the EU’s own deal with the United States ahead of a July 8 deadline.
Until then there are 10% across-the-board U.S. duties on almost all EU products and 25% U.S. duties on European steel, aluminium, cars and car parts. If there is no deal by July 8, the across-the board 10% duty on European goods could go up to 20%.
(Reporting by Jan StrupczewskiEditing by Ros Russell)
