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New Straits Times
2 days ago
- Business
- New Straits Times
EU-US tariff deal "unsatisfactory", "imbalanced"
BRUSSELS: A senior European lawmaker has strongly criticised a draft trade agreement between the European Union (EU) and the United States (US), warning that it could undermine the bloc's economic stability and job security, reported Xinhua. Bernd Lange, chair of the European Parliament's Committee on International Trade, described the proposed framework, which includes a 15 per cent tariff on all EU exports to the US, as "unsatisfactory" and "significantly imbalanced." The tariff rate, he noted, would represent a fourfold increase over current average levels, while the EU would commit to zero tariffs on US goods. "This is a deal with a slant. Concessions have been made that are difficult to bear," Lange said in a statement on Sunday. US President Donald Trump and European Commission President Ursula von der Leyen announced earlier in the day that the two sides had reached a trade agreement, under which the US would impose a baseline tariff of 15 per cent on EU goods. Although both leaders described the deal as a step toward restoring "trade balance" and promoting more equitable two-way commerce, the agreement allows Washington to levy broad tariffs while securing zero-tariff access for a range of strategic American exports. In contrast, the EU has pledged to purchase US$750 billion worth of American energy and commit an additional US$600 billion in investments in the US. Lange noted that while Trump publicly declared a blanket 15 per cent tariff during remarks following the talks, he had earlier explicitly excluded certain sectors, including steel and pharmaceuticals. He added that increased European purchases of US energy, particularly liquefied natural gas, were anticipated, as the EU continues efforts to reduce its reliance on Russian fossil fuels. However, Lange criticised the US$600 billion in planned additional investments, including increased funding for US military technology, calling such measures contrary to European economic interests. He likened the pressure tactics used in the deal to those Washington employed in recent negotiations with Japan. "Overall, this deal will contribute to weakening the EU's economic development and harming its gross domestic product," he said.
The Star
2 days ago
- Business
- The Star
EU-U.S. tariff deal "unsatisfactory," "imbalanced": senior EU lawmaker
BRUSSELS, July 27 (Xinhua) -- A senior European lawmaker has sharply criticized a draft trade agreement between the European Union (EU) and the United States, warning that it could undermine the bloc's economic stability and job security. Bernd Lange, chair of the European Parliament's Committee on International Trade, described the proposed framework, which includes a 15-percent tariff on all EU exports to the United States, as "unsatisfactory" and "significantly imbalanced." The tariff rate, he noted, would represent a fourfold increase over current average levels, while the EU would commit to zero tariffs on U.S. goods. "This is a deal with a slant. Clearly, concessions have been made that are difficult to bear," Lange said in a statement on Sunday. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced earlier in the day that they had reached a trade agreement under which the United States would impose a baseline tariff of 15 percent on EU goods. Although both leaders described the deal as a step toward restoring "trade balance" and promoting more equitable two-way commerce, the agreement allows Washington to levy broad tariffs while securing zero-tariff access for a range of strategic American exports. In contrast, the EU has pledged to purchase 750 billion U.S. dollars' worth of American energy and commit an additional 600 billion U.S. dollars in investments in the United States. Lange noted that while Trump publicly declared a blanket 15-percent tariff during remarks following the talks, he had earlier explicitly excluded certain sectors, including steel and pharmaceuticals. He added that increased European purchases of U.S. energy, particularly liquefied natural gas, were anticipated, as the EU continues efforts to reduce its reliance on Russian fossil fuels. However, Lange criticized the 600 billion dollars in planned additional investments, including increased funding for U.S. military technology, calling such measures contrary to European economic interests. He likened the pressure tactics used in the deal to those Washington employed in recent negotiations with Japan. "Overall, this deal will contribute to weakening the EU's economic development and harming its gross domestic product," he said.
Reuters
12-07-2025
- Business
- Reuters
Europe should activate countermeasures against Trump tariffs, lawmaker says
BERLIN, July 12 (Reuters) - A senior European lawmaker said on Saturday Brussels should react immediately with countermeasures against U.S. President Donald Trump's "outrageous" threat to hike tariffs on imports from the European Union. The EU had been negotiating intensively with Washington for more than three weeks and had made concessions, said Bernd Lange, the head of the European Parliament's trade committee. The bloc had also suspended all countermeasures after the U.S. imposed an initial tariff of 20% on European imports in April. "It is brazen and disrespectful to increase the tariffs on European goods announced on April 2 from 20% to 30%," Lange told Reuters. "This is a slap in the face for the negotiations. This is no way to deal with a key trading partner," he added. Europe should make it clear that these "unfair trade practices" were unacceptable, Lange said. "We have postponed the first stage of our countermeasures for the time being, but I am firmly convinced that they must now be implemented immediately," he said. "The first list of countermeasures must be activated on Monday as planned, and the second list should also follow quickly."
Yahoo
12-07-2025
- Business
- Yahoo
Europe should activate countermeasures against Trump tariffs, lawmaker says
BERLIN (Reuters) -A senior European lawmaker said on Saturday Brussels should react immediately with countermeasures against U.S. President Donald Trump's "outrageous" threat to hike tariffs on imports from the European Union. The EU had been negotiating intensively with Washington for more than three weeks and had made concessions, said Bernd Lange, the head of the European Parliament's trade committee. The bloc had also suspended all countermeasures after the U.S. imposed an initial tariff of 20% on European imports in April. "It is brazen and disrespectful to increase the tariffs on European goods announced on April 2 from 20% to 30%," Lange told Reuters. "This is a slap in the face for the negotiations. This is no way to deal with a key trading partner," he added. Europe should make it clear that these "unfair trade practices" were unacceptable, Lange said. "We have postponed the first stage of our countermeasures for the time being, but I am firmly convinced that they must now be implemented immediately," he said. "The first list of countermeasures must be activated on Monday as planned, and the second list should also follow quickly." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-07-2025
- Business
- Yahoo
EU struggles to secure immediate tariff relief in US trade talks, says Lange
-- The European Union is working toward a trade agreement with the United States but faces challenges in securing immediate tariff relief and protection against new trade measures, according to Bernd Lange, head of the European Parliament's trade committee. Speaking on Wednesday, Lange indicated there might be room for understanding on tariffs affecting steel, automobiles, and potential exceptions from baseline tariffs. While not directly involved in negotiations, Lange maintains contact with the negotiating team. The European Commission is aiming to reach a framework agreement with the United States by August 1, representing the interests of all 27 EU member states. Currently, the EU faces significant U.S. tariffs: 50% on steel exports, 25% on cars, and a general 10% tariff on most other exports. Additionally, a 50% tariff on imported copper is imminent, with new levies expected soon on semiconductors and pharmaceuticals. Lange stated these tariffs are unacceptable to the EU as they target the bloc's industrial development. He identified two main priorities in the negotiations: securing lower tariffs immediately upon reaching a framework agreement rather than waiting for a final accord, and establishing a "stand-still clause" that would prevent further U.S. trade measures against the EU. According to Lange, the United States has not yet made any commitment on these critical issues. Related articles EU struggles to secure immediate tariff relief in US trade talks, says Lange Trump plans tariffs on chips, drugs Canada orders deep spending cuts as defense budget swells, Bloomberg reports Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
