EU Trade Deal Under Scrutiny Amid Controversies and Amendments
The EU's trade deal with the Trump administration faces doubts and potential amendments during the legislative process. While aiming to balance tariffs, the deal has drawn criticism for high costs impacting exports. Amidst trade tensions, the EU plans new trade agreements to diversify its partnerships.
- Country:
- Germany
The head of the European Parliament's trade committee expressed skepticism regarding the EU's trade agreement with the Trump administration, forecasting potential amendments during the legislative approval process. Committee chairman Bernd Lange articulated concerns about the deal, negotiated between European Commission chief Ursula von der Leyen and President Trump.
The arrangement introduces a 15% tariff on European goods while removing EU tariffs on American cars and industrial products. However, some EU goods, such as aircraft and pharmaceuticals, are exempt. The deal, receiving mixed reactions, aims to stabilize business predictability by removing a 27.5% auto tariff.
Amid rising trade tensions, including threats of tariffs on digital regulations, the EU seeks to broaden its trade network, pursuing agreements with Mexico and the Mercosur bloc. These deals aim to lower agricultural export tariffs and protect sensitive EU products like beef, offering farmers financial support against market disruptions.
(With inputs from agencies.)
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