EU Plans New Proposal To Sideline Trump’s Demands To Unwind Regulations As It Looks To Push Trade Deal Forward: Report

The European Union is reportedly working on a new proposal to implement the next phase of its trade deal with the United States as it looks to sideline the Trump administration’s demands to unwind regulations.

According to a Bloomberg report citing people familiar with the matter, the EU’s plan involves creating a checklist that remains within the parameters agreed to with the U.S. earlier this year.

This comes after the Trump administration sent a new proposal to the EU earlier this month, asking it to revise several laws around technology, digital, and corporate environmental sectors. While the EU expressed readiness to discuss those issues, it said it won’t surrender its regulatory independence, according to the report.

However, a White House official disagreed with the EU’s assessment of the Trump administration’s deregulation proposal, stating that it was not pushing for anything that was not already included in the trade deal, according to the report.

Olof Gill, a European Commission spokesperson, stated that EU officials were focused on implementing the agreement reached with the U.S., while declining to comment on the Trump administration's requests, the report added. “We are not rolling back on any of our laws, on any of our own EU regulatory autonomy. Not with the US, not with anyone,” Gill told reporters earlier on Thursday.

Meanwhile, U.S. equities declined in Friday’s midday trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 1.53%, the Invesco QQQ Trust ETF (QQQ) fell 2.15%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 1.07%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.

Also See: Labor Department To Bring Back Staff To Work On Consumer Inflation Report Amid Ongoing US Government Shutdown: Report

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on