00:00Is the European Union the big loser of the EU-US trade deal?
00:07The United States will in the end tax European products at 15% from the 1st of August.
00:13On the other hand, American products will be able to enter Europe freely.
00:17Brussels is trying to swallow the pill by praising a lesser evil and the end of uncertainty,
00:23as Washington was threatening Europe with 30% tariffs in the absence of a deal.
00:28This is clearly the best deal we could get under very difficult circumstances.
00:34The EU has only managed to extract a few exemptions to the 15% tariffs.
00:40Aircraft and their components, certain chemicals, generic drugs and agricultural products should not face additional taxes.
00:48US tariffs of 50% on European steel and aluminum remain in place but should be removed later.
00:55And European vehicles currently taxed at 27.5% will now only be taxed at 15%.
01:01The EU really haven't gotten much of anything.
01:04The only thing they've gotten is the lower tariffs on cars.
01:07That is more or less it.
01:09Of course, it's not nothing.
01:11It is good for the European car industry.
01:14But if you look at it in general, it seems more or less like a shakedown by Trump dictating the terms for the EU.
01:21It hasn't really been a negotiation at all.
01:23The EU pledged to buy American energy, including oil and gas, for an amount of $750 billion, as well as American military equipment.
01:33European companies are also expected to invest $600 billion in the US.
01:38Some MEPs believe the agreement is disadvantageous for the EU.
01:43It doesn't look very good because we were too much divided among the member states.
01:51And this has led the United States to consider that we were not going to retaliate and that we would accept any kind of deal to get at least one deal that brings stability, that brings a bit more certainty.
02:10Some countries like France were pushing for a harder stance and wanted retaliatory measures against the United States in place.
02:17Germany, on the other hand, welcomed the agreement.
02:20They said a deal was necessary to avoid a trade war.
