Relief and frustration in Europe as US-EU trade deal agrees 15% tariff on most European exports
The US and EU have agreed a framework for a trade deal, bringing relief that a transatlantic trade war has been averted but frustration for many in Europe who say the deal is skewed in America's favour.
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00:00Washington is celebrating the U.S.-EU trade deal agreed on Sunday that sets a baseline 15% tariff on most EU goods entering the United States.
00:10Brussels has also agreed to billions in purchases and investment.
00:14So we're going to do the following. The European Union is going to agree to purchase from the United States $750 billion worth of energy, $750 billion worth of energy.
00:36They are going to agree to invest into the United States $600 billion more than they're investing already.
00:49So they're investing a large amount of money. You know what that amount of money is. It's very substantial.
00:56But they're going to invest an additional $600 billion. They're agreeing to open up their countries to trade at zero tariff.
01:09The 15% rate is three times the previous average tariff for EU goods, but it's half the amount the U.S. had threatened, and Ursula von der Leyen appeared relieved.
01:20So, we've reached a deal on tariffs and trade with the United States. Today's deal creates certainty in uncertain times.
01:32It delivers stability and predictability for citizens and businesses on both sides of the Atlantic.
01:39This is a deal between the two largest economies in the world.
01:46We trade 1.7 trillion euros per year.
01:52Together, we are a market of 800 million people, and we're nearly 44% of global GDP.
02:00Just a few weeks after the NATO summit, this is the second building block reaffirming the transatlantic partnership.
02:11In Europe, relief at avoiding a transatlantic trade war was tempered by criticism of the deal as imbalanced
02:17and warnings that it will weaken the EU's economic development and harm its GDP.
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