Ross: US-EU Trade Deal Could be Reached

U.S. Commerce Secretary Wilbur Ross said Wednesday a U.S.-European Union trade deal could still be reached even if the United States imposes tariffs on EU steel and aluminum imports.

EU and U.S. officials are holding last-minute negotiations two days before U.S. President Donald Trump decides to apply tariffs on Europe.

The threat of tariffs has increased prospects of retaliation and a global trade war that could hinder the global economy.

"There can be negotiations with or without tariffs in place," Ross said at the Organization for Economic Cooperation and Development in Paris. "There are plenty of tariffs the EU has on us. It's not that we can't talk just because there's tariffs."

The Trump administration is also exploring possible limits on foreign auto imports, citing national security.

The EU wants exemptions on steel and aluminum tariffs, which Trump hopes will benefit the U.S., or impose tariffs on U.S. peanut butter, orange juice and other products.

French Finance Minister Bruno Le Maire said Wednesday the EU would protect its interests if the U.S. follows through with its threat of tariffs.

"We French and Europeans don't want a trade war. But if we're attacked, we will have to defend our interests," he said.

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