Faced with the imminent risk of a trade confrontation, the European Union and the United States have sealed a pact seeking to calm the waters in the Atlantic. The EU's top executive, Ursula von der Leyen, has stepped out to address criticism to defend an agreement that, in his words, was of "priority status given the importance of the signatories and the international reality of blocs".
The core of the understanding, closed in Scotland on July 27 between Von der Leyen and US President Donald Trump, involves the application of a 15% tariff on most products that the EU exports to the US marketIn return for this concession, Europe undertakes to make a massive outlay of $750.000 billion over the next three yearsThis sum will be used to purchase U.S. energy products, such as natural gas and oil, as well as military equipment and additional investments.
For the Commission President, accepting this tax was a lesser evil compared to the devastating consequences that an open dispute would have had. Von der Leyen has insisted that the priority was to protect the "stability" and "predictability" economic. In this regard, he launched a forceful reflection: "Let's imagine for a moment that the two largest economies in the democratic world hadn't reached an agreement and had started a trade war. That would have been celebrated only in Moscow and Beijing.".
The European leader stressed that responding with reciprocal tariff measures would have been a serious mistake. "With reciprocal tariffs on our part, we would run the risk of starting a costly trade war with negative consequences for our employees, consumers, and our industry."He said.
For his part, the president Donald Trump He expressed satisfaction with the outcome of the negotiations, describing it as "the greatest of all" Trade agreements. According to the US president, the pact reflects a mutual interest: “I think we both wanted to reach an agreement.”He added that the talks had been going on for months, allowing both sides to understand what they were up against in order to reach a satisfactory outcome. "This negotiation began months ago, so we knew what we were getting into and there was every intention of reaching a mutually satisfactory agreement."He said.
The agreement has not been without controversy within Europe. Von der Leyen's statements are interpreted as an indirect response to critical voices such as that of former ECB President Mario Draghi, who had lamented the "resignation" European Union in the face of new tariffs and increased defense spending. However, Brussels insists that the coordination between the world's two largest economic democracies It is essential to maintain market confidence and protect international trade in times of uncertainty.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
