Trade talks between EU and U.S. officials are likely to get underway soon with two sets of negotiations — one to cut tariffs on industrial goods and another to make it easier for businesses to show that products meet EU or U.S. standards.
The European bloc has insisted it does not want agriculture to be included, putting it at loggerheads with the U.S., which wants farm products to be part of future discussions.
“We do not expect an escalating dispute that could sow uncertainty and hurt global industry as much as the U.S.-Chinese trade war has done in the last three quarters,” Holger Schmieding, chief economist at Berenberg, said in a research note published Tuesday.
“In one key respect, the U.S.-EU trade talks could be similar to the lengthy renegotiation of NAFTA, in our view. While the talks could be difficult and noisy, they need not disrupt markets, confidence and economic activity very much,” Schmieding said.
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