The U.S. and EU have extended trade negotiations to avoid steep tariffs, with European Commission President Ursula von der Leyen expressing confidence in reaching a deal by July 9. The stakes are high, as the U.S. imported $720 billion worth of European goods in 2022, surpassing imports from China, Mexico, Canada, and Japan. Failure to reach an agreement could be economically damaging, with current EU exports to the U.S. already subject to a 10% tax, and key industries like steel, aluminum, and automobiles facing a 25% levy.

As discussions continue, both sides aim to protect critical trade flows and economic stability. The outcome will shape U.S.-EU trade relations and could have long-term global economic implications.

This video summary was created by AI from the original DW script.