French ministers say EU-US trade deal has merits but is also unbalanced
"The trade agreement negotiated by the European Commission with the United States will bring temporary stability to economic actors threatened by the escalation of American tariffs, but it is unbalanced," wrote French European Affairs Minister Benjamin Haddad on X.
That view was echoed by France's industry minister Marc Ferracci, who said more talks - which could last weeks or months - would be needed before the deal could be formally concluded.
Ferracci told RTL radio that more needed to be done in terms of rebalancing the EU's trade relations with the U.S.
"This is not the end of the story," Ferracci told RTL.
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The Guardian
39 minutes ago
- The Guardian
Europe's trade deal with the US was dead on arrival – it needs to be buried. Here's how to do it
Ursula von der Leyen's Turnberry golf course deal has been rightly called a capitulation and a humiliation for Europe. Assuming such an accord would put an end to Donald Trump's coercion and bullying was either naive or the result of a miserable delusion. The EU should now steel itself and reject the terms imposed by Trump. Is this deal really as bad as it sounds? Unfortunately, it is, for at least three reasons. The blow to Europe's international credibility is incalculable in a world that expects the EU to stand up for reciprocity and rules-based trade, to resist Washington's coercion as Canada, China and Brazil have, rather than condoning it. Economically, it's a damaging one-way street: EU exporters lose market access in the US while the EU market is hit by more favoured US competition. Core European industrial sectors such as pharma and steel and aluminium are left by the wayside. The balance also tilts in the US's favour in important sectors such as consumer goods, food and drink, and agriculture. Tariffs tend to stick, so this is long-term damage. The EU even gives up its right to respond to future US pressures through duties on digital services or network fees. To top it off, von der Leyen's defence and investment pledges (for which she had no mandate) go against Europe's interest. The EU's competitiveness predicament is precisely one of net investment outflows. As international capital now reallocates under the pressures of Trumponomics and a weakening dollar, the case for Europe to become a strategic investment power was strengthening. Von der Leyen's promise of $600bn in EU investment in the US is therefore disastrous messaging. How could this happen? All EU member states wanted to avoid Trump's 30% tariff threat and a trade war, but none perhaps as much as Germany and Ireland, supported by German carmakers and US big tech firms. Yet Irish sweetheart digital tax deals, as well as BMW and Mercedes's plans to move production hubs to the US (also to serve the EU market), cannot be Europe's future. EU governments were distinctly unhelpful in building the EU's negotiating position. But in the end, it was von der Leyen who blinked and she has to take responsibility. Her close team took control in the closing weeks and went into the final meeting manifestly prepared only to say yes, which made Trump's steamrolling inevitable. Let's think of the counterfactual: if von der Leyen had stepped into the room and rejected these terms, Trump's wrath and some market turmoil may have ensued. But ultimately it would very likely have come to a postponement, a new negotiation and, at some point, a different deal that would not be so lopsided or unilaterally trade away deep and long-term European interests and principles. Instead, von der Leyen became a supplicant to a triumphant Trump. The situation is reminiscent of the final rounds of the Brexit negotiations five years ago when von der Leyen similarly was giving in to unacceptable demands from Boris Johnson, only to U-turn under pressure from a steelier EU chief negotiator and a quartet of member states. Today, von der Leyen runs Brussels with a strong presidential hand and has largely done away with internal checks and balances inside the commission. That is her prerogative and her style, but the upshot should not be weak, ineffective and unprincipled dealings on Europe's major geopolitical challenges, from Trump to Gaza. The 'deal' in Scotland is in reality an unstable interim accord. Nothing is yet inked or signed; Washington and Brussels are already locking horns on its interpretation and negotiations on the finer (and broader) points are ongoing. The 27 EU governments will inevitably get involved as the final deal needs to be translated into an international agreement and EU law. Some big powers – Germany and Italy seemingly – are on board, reluctant or not. However, internal political dynamics may change their calculations. Opposition parties and rightwing contenders who are a real political threat to leaders in Germany and France are already lambasting the deal. Unless von der Leyen strikes a dirty bargain with the member states, the European parliament will also have a say. The longtime chair of its trade committee, Bernd Lange, has set the tone for how the deal would be viewed there, calling it 'asymmetry set in stone' and even 'a misery'. As details seep out on what von der Leyen has really agreed to and what the US expects from the EU, and all the consequences become clear, an already unpalatable deal may become even more so. Weakening US economic data and returning stock market jitters show that Trump's negotiation footing is fragile. His new tariff threats come with new extensions, up to 90 days in the case of Mexico, as his position is overstretched. For Europe, the lesson from the Brexit negotiations – one that von der Leyen ought to have grasped before now – is that nothing is agreed until everything is agreed. There is now an opportunity for EU governments and the European parliament to course correct and salvage something from this train wreck. Georg Riekeles is the associate director of the European Policy Centre, and Varg Folkman is policy analyst at the European Policy Centre
Reuters
an hour ago
- Reuters
India will buy Russian oil despite Trump's threats, NYT reports
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BreakingNews.ie
an hour ago
- BreakingNews.ie
Ghislaine Maxwell moved to prison camp, Trump says no plea for pardon
Ghislaine Maxwell has been transferred from a Florida prison to a lower-security facility in Texas to continue serving her 20-year sentence for helping the late financier and sex offender Jeffrey Epstein sexually abuse underage girls, the US Bureau of Prisons said on Friday. Maxwell's move from FCI Tallahassee, a low-security prison, to the Federal Prison Camp in Bryan, Texas, comes a week after she met with Deputy US attorney general Todd Blanche, who said he wanted to speak with her about anyone else who may have been involved in Epstein's crimes. Advertisement Maxwell's lawyer, David Markus, confirmed she was moved but said he had no other comment. Spokespeople for the US Department of Justice did not immediately respond to requests for comment. I know nothing about the case. Asked during a White House interview with Newsmax on Friday about the possibility of pardoning Maxwell, president Donald Trump said: "I'm allowed to do it, but nobody's asked me to do it." He added:"I know nothing about the case." Asked about what was discussed between Maxwell and the deputy attorney general last week, Mr Trump said he believed Mr Blanche "just wants to make sure that innocent people aren't hurt" should documents in the Epstein probe be released. The BOP classifies prison camps such as Bryan as minimum-security institutions, the lowest of five security levels in the federal system. Advertisement Such facilities have limited or no perimetere fencing. Low-security facilities such as FCI Tallahassee have double-fenced perimeters and higher staff-to-inmate ratios than prison camps, according to the bureau. Asked why Maxwell was transferred, BOP spokesperson Donald Murphy said he could not comment on the specifics of any incarcerated individual's prison assignment, but that the BOP determines where inmates are sent based on such factors as "the level of security and supervision the inmate requires." Mr Blanche's meeting with Maxwell came as Mr Trump faces pressure from both his base of conservative supporters and congressional Democrats to release more information from the Justice Department's investigations of Maxwell and Epstein. Transcripts The department is seeking court approval to release transcripts of law enforcement officers' testimony before the grand juries that indicted Maxwell and Epstein. Such transcripts are usually kept secret. Two federal judges in Manhattan are weighing the government's requests. Advertisement Lawyers for Maxwell, Epstein, and their alleged victims are due to share their positions on the potential unsealing with the judges in filings on Tuesday. Epstein died by suicide in a Manhattan jail cell in 2019 while awaiting trial on sex trafficking charges. He had pleaded not guilty. Neither Mr Markus nor Mr Blanche has provided detailed accounts of what they discussed. Mr Markus has said Maxwell would welcome relief from Mr Trump. Maxwell was found guilty at a 2021 trial of recruiting and grooming girls for Epstein to abuse. She had pleaded not guilty and is asking the US Supreme Court to overturn her conviction.
