US-EU Trade Agreement: A New Era or Forced Compromise?
The U.S. and EU reached a framework trade agreement, imposing a 15% import tariff to prevent a larger conflict over trade. While some European leaders express disappointment, it is viewed as a way to bring predictability to the market. Reactions vary from commendation to criticism.
The United States and the European Union have reached a significant framework trade agreement, staving off a potential trade war by establishing a 15% import tariff on most EU goods. This deal, covering nearly a third of global trade, has evoked mixed reactions from European leaders.
French Prime Minister Francois Bayrou viewed the agreement as a capitulation, while Hungarian Prime Minister Viktor Orban criticized it as a defeat for EU's leadership in negotiations. Meanwhile, German Chancellor Friedrich Merz welcomed the deal for preventing potential damage to Germany's export-heavy economy.
Despite the differing opinions, the consensus among European leaders, such as Finnish Prime Minister Petteri Orpo and Irish Trade Minister Simon Harris, is that the agreement brings much-needed predictability and stability to transatlantic trade relations.
(With inputs from agencies.)
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