AIX-EN-PROVENCE: France’s finance minister said Saturday he hoped the EU would reach a deal on tariffs with Washington “this weekend”.

EU and US negotiators are holding talks over the weekend as Brussels chases a deal before a July 9 deadline to avoid the return of steep tariffs.

“On tariffs, it could all be decided this weekend,” said French Finance Minister Eric Lombard.

“If not, Europe will undoubtedly have to respond more vigorously to restore the balance,” Lombard said at an economic forum in southern France.

If the EU does not clinch an agreement with the US by Wednesday next week, higher levies will snap back in and unleash economic pain on the bloc.

Without a deal, the default levy on EU imports is set to double to 20% or even higher – US President Donald Trump having threatened at one point to apply 50% duties.

EU chief Ursula von der Leyen said on Thursday that Brussels sought an agreement in principle, which would mean further talks would be necessary on the details.

But the commission believes that whatever happens, an imbalance in trade measures between the EU and the US will remain.

Lombard said it was “essential” to protect its industry from the US and China.

“Imagine the world as a playground where everyone is playing… and following the rules,” he said.

“And then three bullies come along and don’t follow any rules, they knock over the game tables and push around the children who were playing nicely. That’s the world of predators,” he said, referring to the US, Russia and China.

On China, Lombard said that existing tariffs on steel and the automotive industry were not sufficient.

“We need to do it across all our industrial sectors. Otherwise, China’s policy of maintaining a production capacity exceeding 50% of the global market share in each industrial sector will destroy our industry,” he added.