00:00I have maintained regular contact with my US counterparts to follow up on the July
00:29agreement reached in Scotland.
00:33And today I am pleased to announce that we have crossed the finish line.
00:38First, a 15% all-inclusive tariff cap for the European Union.
00:46This is the most favorable trade deal the US has extended to any partner.
00:52A wide range of sectors, including strategic industries such as cars, pharmaceuticals,
00:59semiconductors and lumber, will benefit from this cap.
01:04To get a bit technical, unlike with other trading partners, the 15% cap does not come on top
01:12of existing most favored nation tariffs.
01:16Tariffs on cars and car parts will drop to 15% starting August 1st, helping our automotive
01:26industry remain globally competitive.
01:30The tariffs on the wine, spirits and beer was one of very important offensive interests of
01:35the European Union.
01:36Unfortunately, here we didn't succeed to get this sector and this category among the sectors
01:45which would continue to be on the MFN level.
01:51I just would like to add one very important word and this is yet.
01:56Because our US colleagues, they know that this is our offensive interest.
02:02That's something which is very important for us.
02:04No, we knew that it was difficult, but there was always a little lueur of espoir and
02:15we worked really hard to obtain it.
02:18There were good reasons to be able to obtain it, so it was actually a very big déception.
02:22We knew that it was something difficult and that it was not achieved.
02:26So it's pretty simple, you add 15% of tariff, so the rights of douane,
02:30you add 15% of variation of the change, it's what we saw.
02:34From the beginning of the year, between the euro and the dollar, it means
02:38at about 30% of variation of price.
02:4030% of variation of price, it's about 25% of pertes of volume on the export
02:45of Europe to the United States, mechanically.
02:48The first consequence is very simple, if we take the case of France.
02:52The United States represent 4 milliards of exportations,
02:552 vins and 2 spiritueux, partant from France.
02:57For the Europe, it's 8 milliards in total.
02:59If you lose 25% of these 4 milliards, you lose 1 milliard of affaires.
03:031 milliard of affaires, obviously, it will have consequences
03:07on all the foreign areas and it's 2 milliards on the European level.
03:102 milliard of affaires, the United States represent the European level.
03:14What does the US do?
03:16The US do?
03:17The US do?
03:18The US do?
03:19The US do?
03:20The US do?
03:21The US do?
03:22The US do?
03:23The US do?
03:24The US do?
03:25The US do?
03:26The US do?
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