EU Secures Competitive Edge with New US Trade Deal
The European Union secured a favorable trade deal with the United States, providing EU businesses an advantage over foreign rivals. Despite criticisms, the deal ensures stability in EU-US relations, a crucial factor for millions of jobs. A parliamentary vote on the proposal is expected soon.
- Country:
- France
The European Union has successfully negotiated a favorable trade agreement with the United States, securing an advantage for EU businesses over numerous foreign competitors, according to Ursula von der Leyen, head of the European Commission.
Despite some criticisms, such as the EU lowering its duties while the US imposes a broad 15% tariff, the Commission claims to have safeguarded existing advantages. In anticipation, the European Parliament will soon vote on a proposal to remove EU duties on U.S. industrial goods.
The Commission president emphasized the economic importance of the agreement, highlighting the EU's 500 billion euro export to the US that supports millions of jobs. Von der Leyen warns of the potential chaos a trade war could inflict amidst global instability.
(With inputs from agencies.)
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