EU and US reach trade deal/ Europe will face 15% tariffs on exports to the US
United States President Donald Trump and European Commission President Ursula von der Leyen announced that they had reached a trade deal. According to the statement, the US would impose a basic tariff of 15 percent on European Union (EU) goods.
Pharmaceutical products were excluded from the agreement, while existing tariffs of 50 percent on EU steel and aluminum exports to the United States will remain in place.
Although both leaders described the agreement as a step toward restoring “trade balance” and promoting more equitable bilateral trade, the agreement allows the United States to impose a broad 15 percent tariff on EU goods, providing zero-tariff access to a range of strategic US exports. In return, the EU has pledged to buy $750 billion worth of US energy and invest an additional $600 billion in the United States. At the press conference, Trump claimed that the agreement would allow US cars to re-enter the European market and make US agricultural exports more accessible to the EU.
Noting that the 15 percent tariff is the limit, von der Leyen said the agreement offers stability and predictability to both sides. She added that no final decisions have been made regarding the alcoholic beverages sector and further details of the agreement are expected to be published in the coming weeks.
US Commerce Secretary Howard Lutnick hailed the deal on social media, saying President Trump had unlocked one of the world's largest economies. According to Lutnick, the EU will open up its $20 trillion market and adopt US automotive and industrial standards for the first time.
However, the trade deal has drawn criticism from some European officials. They criticize the additional $600 billion in investment, as well as increased funding for American military technology, calling such measures contrary to European economic interests. According to them, the agreement could weaken the EU's economic development and damage its GDP.
According to estimates by the Kiel Institute for the World Economy (IfW), a general tariff of 15 percent, combined with higher tariffs on steel and aluminum, would reduce Germany's GDP by 0.15 percent within a year, equivalent to a loss of 6.5 billion euros, while overall EU output would fall by 0.1 percent.
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