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Euronews
28 minutes ago
- Euronews
US-EU trade deal wards off tariff escalation but threatens growth
US President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by 1 August. The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the deal: Unresolved details Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many crucial details to be filled in. The headline figure is a 15% tariff rate on about 70% of European goods brought into the US, including cars, computer chips and pharmaceuticals. It's lower than the 20% that Trump initially proposed, and lower than his threats of 50% and then 30%. The remaining 30% of goods are still open to further decisions and negotiations. Von der Leyen said that the two sides agreed on zero tariffs on both sides for a range of 'strategic' goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products and some natural resources and critical raw materials. Specifics were lacking. She said that the two sides 'would keep working' to add more products to the list. Additionally, companies in the European Union would purchase what Trump said was $750 billion (€638bn) worth of natural gas, oil and nuclear fuel over three years to replace Russian energy supplies that Europe is seeking to exit anyway. Meanwhile, European companies would invest an additional $600bn (€511bn) in the US under a political commitment that isn't legally binding, officials said. Not yet in writing Brussels and Washington will shortly issue a joint statement that frames the deal but isn't yet legally binding, according to senior officials who weren't authorised to be publicly named according to European Commission policy. The joint statement will have "some very precise commitments and others that will need to be spelled out in different ways', a senior European Commission official said. EU officials said that the zero tariff list could include nuts, pet food, dairy products and seafood. Steel tariff remains Trump said that the 50% US tariff on imported steel would remain. Von der Leyen said that the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas — that is, set amounts that can be imported, often at a lower rate or tariff-free. Trump said that pharmaceuticals, a major import from the EU to the US, weren't included in the deal. Von der Leyen said that the pharmaceuticals issue was 'on a separate sheet of paper' from Sunday's deal. And von der Leyen said that when it came to farm products, the EU side made clear that 'there were tariffs that could not be lowered,' without specifying which products. 'Best we could do' The 15% rate removes Trump's threat of a 30% tariff. But it effectively raises the tariff on EU goods from 1.2% last year to 17% and would reduce the 27-nation bloc's gross domestic product by 0.5%, said Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics. Higher tariffs, or import taxes, on European goods mean sellers in the US would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. Von der Leyen said that the 15% rate was 'the best we could do' and credited the deal with maintaining access to the US market, and providing 'stability and predictability for companies on both sides'. Mixed reaction German Chancellor Friedrich Merz welcomed the deal which avoided 'an unnecessary escalation in trans-Atlantic trade relations" and said that 'we were able to preserve our core interests', while adding that 'I would have very much wished for further relief in trans-Atlantic trade'. Senior French officials on Monday criticised the accord. Strategy Commissioner Clément Beaune said that the deal failed to reflect the bloc's economic strength. 'This is an unequal and unbalanced agreement," he said. "Europe didn't wield its strength. We are the world's leading trading power.' While the rate is lower than threatened, "the big caveat to today's deal is that there is nothing on paper, yet," said Carsten Brzeski, global chief of macro at ING bank. 'With this disclaimer in mind and at face value, the agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy," Brzeski said. 'This risk seems to have been avoided.' Car prices Asked if European carmakers could still profitably sell cars at 15%, von der Leyen said the rate was much lower than the current 27.5%. That has been the rate under Trump's 25% tariff on cars from all countries, plus the pre-existing US car tariff of 2.5%. The impact is likely to be substantial on some companies, given that automaker Volkswagen said that it suffered a €1.3bn hit to profits in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the US have said they were holding the line on 2025 model year prices 'until further notice'. The German automaker has a partial tariff shield, because it makes 35% of the Mercedes-Benz vehicles sold in the US in Tuscaloosa, Alabama, but the company said that it expects prices to undergo 'significant increases' in coming years. The EU also agreed to lower its tariff on cars imported from the US to 2.5% from 10%. Trade gap Before Trump returned to office, the US and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with around €1.7 trillion in annual trade. Together the US and the EU have 44% of the global economy. The US rate averaged 1.47% for European goods, while the EU has averaged 1.35% for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's €198bn trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said that the European market isn't open enough for US-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings and legal and financial services. And about 30% of European imports are from American-owned companies, according to the European Central Bank.
Euronews
2 hours ago
- Euronews
EU-US trade deal will come with consequences, German industries warn
While European Commission President Ursula von der Leyen praised a trade agreement signed between the EU and US on Sunday as a stabilising factor "in uncertain times," representatives of the German economy have expressed concern. Von der Leyen and US President Donald Trump struck a tentative trade deal to avert a potentially devastating tariff war between two of the world's largest economies on Sunday. The majority of EU exports bound for the US will be subject to a 15% tariff. According to a statement made by von der Leyen, this also includes billions of euros in EU investments in the US, as well as the purchase of defence equipment. Tariffs of 15% will now apply to car exports to the US, compared to the previously announced 25%. Import duties on steel are to remain unchanged at 50%. The German economy can breathe a sigh of relief for the time being, according to Managing Director of the German Chamber of Industry and Commerce Helena Melnikov. Melnikov said that worse has been prevented, however, "the deal has its price, and this price is also at the expense of the German and European economies." Wolfgang Niedermark from the Federation of German Industries was more critical. He stated that even a tariff rate of 15% would have an "immense negative impact" on Germany's export-oriented industry. The Federal Association of Wholesale, Foreign Trade and Service also spoke of a "painful compromise" and warned that supply chains would change and prices would rise, saying the deal will cost Germany growth, prosperity and jobs. Federal Chancellor Friedrich Merz, who was satisfied with Sunday's agreement, wrote on X that the deal showed it was possible to "avert a trade conflict". However, a review of Trump's actions to date raises doubts about the reliability of the agreement and the US president's words. In an interview with the Funke media group, Michael Hüther, director of the Institute for the German Economy, said that concerns remained as Trump had never completely taken tariff threats off the table.
Euronews
3 hours ago
- Euronews
Lead MEP says EU should skip 2040 emissions targets
The EU's 2040 emission reduction target is 'simply not necessary' and should be rejected, the Czech MEP responsible for steering the proposal through the Parliament has told Euronews in an interview. Ondrej Knotek is a member of the far-right Patriots for Europe (PfE) group and was appointed as rapporteur to steer through the Parliament a Climate Law amendment setting the 2040 goal of reducing greenhouse gas emissions. The European Commission formally proposed a 90% carbon emissions reduction target by 2040 in an amendment to its Climate Law earlier in July, as a pathway to achieving zero emissions by 2050. Knotek said that when drafting the Parliament's position on the file in the Committee on the Environment, Climate and Food Safety (ENVI), he will push to reject the Commission's proposal entirely, without proposing any alternative emissions reduction target. 'The 2040 target is an addition to the two existing targets, that is simply not necessary,' he said, referring to the EU's final goal of reaching climate neutrality by 2050 and the intermediate target of a 55% reduction by 2030. Knotek believes the EU has already done much more than its global competitors to combat global warming, and argues that the risks for the European economy and citizens are 'much higher' than the potential contributions to global climate change mitigation. 'Let's wait for the others to have the same two legally binding targets, let's wait for the others to have this third target, and then we can accompany. No one says that Europe needs to be the flagship,' he said. Beyond the 2040 target, Knotek also challenges the entire Green Deal, the EU's long-term plan to reach climate neutrality by 2050. 'The target as such looked realistic in 2020, but now, after five years, we know that very probably it is not so much realistic,' he said, calling for a 'strong recalibration' of the EU's commitments. 'The correct reaction to the climate change is to reduce the emissions in a sustainable, and even slow way [...] We don't have to invest into faster reduction of emissions, but into the so-called adaptation to the climate change. The role of adaptation should be much higher than the reduction of greenhouse gases.' A clash foreseen on the Climate Law Ondrej Knotek will be supported by his political group, PfE, which strongly opposes EU climate action, and likely by other right-wing parties in Parliament. But dismantling this signature EU climate policy will not be an easy task. Knotek's appointment, which results from a complex allotment system giving large groups control over important files, has already triggered backlash from leftist and centrist members of Parliament. Socialists and Democrats, Renew Europe, the Greens/EFA, and The Left will advocate for maintaining the 2040 target. Therefore, the Parliament's position on the file will depend on the choice of the largest group, the European People's Party (EPP). 'EPP MEPs are split on this issue. I am convinced that if they are left to vote freely, the majority of them would be against the 2040 target,' Knotek said. The Czech MEP believes his EPP colleagues will follow the direction of their leader, Manfred Weber. 'In the EPP, if you do not follow the line, you are sidelined and do not get any missions. So, if there would be a secret vote, they could distract, otherwise they stick to the line.' Knotek's report will be voted in the ENVI committee on September 23. Others MEPs from the same committee have until September 8 to add amendments. Parliament's plenary session has then to confirm the outcome in the second week of October. After the vote in Parliament, however, the provision must be negotiated with the EU's 27 member states, which are set to adopt a common position in the Council. Some including France and Poland have already expressed scepticism about the proposal. The timing of negotiations is sensitive, as the Commission hoped to have the 2040 target enshrined in law ahead of the COP30 international climate conference in Brazil, which takes place in November.
