Ever since the inauguration of the second Trump administration, international trade has been thrown into haywire due to President Trump's calls for a deemed rectification of the trade balance, and EU governments continue to be on a path to salvage US trade ties.

Against the backdrop of turbulent trade tensions caused by US tariffs on a wide range of products from various countries, EU trade ministers will convene in Brussels on Monday. High-ranking US officials are also expected to attend the summit. However, discussions will not focus solely on transatlantic relations.

However, ties between the EU and the US are expected to dominate discussions at the summit. In July, the EU and US agreed on a trade deal stipulating that most goods exported from the EU to the US would be subject to a 15% tariff. In August, the two sides issued a joint statement on transatlantic trade, which amounts to €1.6 trillion annually.

To take stock of the agreement's implementation, Monday's meeting will bring together the 27 EU trade ministers along with US Trade Secretary Howard Lutnick and Trade Representative Jamieson Greer. On Monday morning, EU Trade Chief Maroš Šefčovič highlighted in what ways the EU had already has delivered on their promises.

He specified that the EU has purchased US energy, including liquefied natural gas (LNG), oil, and nuclear energy, worth over €200 billion, with LNG imports rising from 45% to 60% thanks to long-term contracts. He added that EU investments in the US have nearly doubled to $154 billion since January.

"We are negotiating contracts for the purchase of chips worth over $40 billion for the European economy. We are aware that there is still much work ahead of us, especially in the area of steel and derivatives, where we are trying to reduce tariffs and jointly address global overcapacity."

Now, Ministers are working on reducing tariffs on steel and addressing global overcapacity, as well as all aspects related to economic security and ensuring a reliable supply of raw and critical materials.

The summit will also address other topics, including trade relations with the EU's other global partners, particularly India. With an estimated trade volume of €115 billion, India is the EU's tenth-largest trading partner, while the EU, with trade valued at €120 billion, ranks as India's second-largest.

The EU Commissioner was cautiously optimistic at the summit's outset, stating that talks could be nearing a conclusion.

"We are planning a next round of negotiations before Christmas Day, which will take me to India. We have never made such huge strides, but the greatest challenges often arise in the final stretch."

The summit's agenda also includes trade relations with China and what the future of EU-China trade might look like. Annual trade between the EU and China currently exceeds €845 billion.

Luxembourg Foreign Minister Xavier Bettel, who is also responsible for the country's foreign trade portfolio, was unable to attend the summit for personal reasons. He is being represented by Luxembourg’s ambassador to the EU, Nicolas Mackel.