EU mulls new trade alliance to tackle tariffs

Partnership with Asia-Pacific nations could boost bargaining power: Experts

Analysts and business leaders have welcomed the European Union's consideration of a new trade alliance with the Asia-Pacific, calling it a necessary step as the bloc faces pressure to either accept a quick US trade deal or risk a longer dispute to secure better terms.

With a July 9 deadline from the United States looming, the EU is exploring an alliance with Asia-Pacific countries that could reshape global commerce.

European Commission President Ursula von der Leyen floated the idea on Thursday of the EU partnering with the 12-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, to form a new global trade initiative — without automatic US participation, Politico reported.