The threat of trade wars between the US and the European Union loomed last week as the two sides failed again to reach a compromise over data privacy regulations. Following two days of talks with David Aaron, the US Department of Commerce undersecretary, John Mogg, the chief negotiator for DGXV, the EU body responsible for internal markets and financial services at said Most of us would like to come to a successful conclusion as soon as possible, but said that there is a risk of a trade war if a resolution is not reached. Aaron said, We still have some substantive issues to resolve.
The two men met in Washington last week and have agreed to meet again on May 28 in Brussels to continue discussions. In the meantime, talks will be handled at the level of officials, the two sides said, adding they are still aiming to reach a resolution before the EU/US Summit on June 21. Any proposed solution must be accepted by a vote of the member states of the EU at sessional meetings, currently scheduled for May 12 and 21 and June 14.
