European leaders laud historic EU-US trade deal but others say it's bad for consumers

The Star

The United States and European Union on July 27 announced they had agreed to a framework trade deal, averting a significant row between two allies who account for almost a third of global trade.  The deal includes a 15% tariff on EU goods entering the US and significant EU purchases of US energy and military equipment – something lauded by European leaders but criticised by others.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00They worked hard and long and many thanks to the teams on both sides.

00:05Thank you very much. So we have good news.

00:08We've reached a deal. It's a good deal for everybody, I believe.

00:13They're going to invest an additional $600 billion.

00:20They're agreeing to open up their countries to trade at zero tariff.

00:26Congratulations.

00:30Yeah, thank you. We have a deal.

00:36We have a trade deal between the two largest economies in the world.

00:42And it's a big deal. It's a huge deal.

00:45It will bring stability. It will bring predictability.

00:49That's very important for our businesses on both sides of the Atlantic.

00:53It's 15% tariffs across the board, all inclusive.

00:58Basically, the European market is open. It's 450 million people.

01:05So it's a good deal. It's a huge deal.

01:09It was tough negotiations.

01:11I knew it at the beginning and it was indeed very tough.

01:14But we came to good conclusions on both sides.

01:17So, again, congratulations and many thanks.

01:20Thank you very much.

01:21I think it's misguided.

01:27And I think it's ripping off because it's imposing tariffs that are not supposed to be there.

01:33I'm all for free trade.

01:34Yeah, I think it's a good thing.

01:35I think, you know, looking at the stock market, I think it's looking positive from that perspective.

01:40And I think anything that brings some stability with President Trump is going to be a good thing.

01:48So, yeah, I mean, I need to read the details a bit more.

01:51But I think the deal is a positive thing.

01:54And hopefully it can bring some stability because there's been too much turbulence with recent events.

02:02And obviously with lots of war and political challenges going on.

02:06So, yeah, generally I'm pleased.

02:32But this is the rise in a new world of trade with prices, which we think so as very negative.

02:40We know, but also, that for different industries there are effects that have reached out.

02:46The vehicles are significantly reduced.

02:48That's right.

02:49And we have avoided the escalation.

02:51That's also good.

02:54In my opinion, it was already expected that it was 15%.

02:59Then, I think, economic, I don't know if I'm able to tell if it's something right or not.

03:05But it was already established.

03:07Trump always starts from the maximum to then scontate and arrive at what he wants.

03:13Depends from the mercilogy of which we are talking about.

03:15Absolutely, yes.

03:16The result that we have reached is interesting and useful for the economy.

03:20Certainly, at the global level, it will allow us to distribute what are the forces in the game.

03:24And therefore, it will allow us to get a little bit of Russia from the Cina.

03:29And increase the peace of the world at the global level.

03:36I think this is a glass half-full, half-empty.

03:40It is half-full because there is this sense of relief and that the world's outcome is excluded.

03:47Where the world's outcome could have been 30% tariffs or even a trade war.

03:53On the other side, this is not what the EU wanted.

03:57I mean, the EU asked for a zero-tariff trade agreement.

04:02And this is not what we had.

04:03In practice, this was imposed by the United States and the Trump administration,

04:08which used all the levers and also some form of coercion, basically,

04:12to get an agreement which is unbalanced and, of course, favorable to the United States.

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