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European Union, bart de wever
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James Knightley, ING’s chief international economist, said the deal with the European Union is important. But he said there are still questions to be settled with some of America’s major trading
U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal. It raises tariffs on most European goods to 15%.
The European Union pledged to buy billions of dollars’ worth of energy resources from the United States. Experts say that’s unrealistic and could hurt Europe’s climate goals.
The EU has pledged to buy $750 billion of energy from the U.S. in exchange for a lower rate tariff rate in its trade deal, but analysts say this is unrealistic.
The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.
Some European politicians are dismayed that the European Union did not drive a harder bargain, but facing the threat of a damaging trade war, officials say they had little choice.
President Donald Trump is headed back to Washington after securing a trade deal with the European Union and other countries work to finalize their deals before the deadline on Friday.
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