“We have reached the goal,” said Maros Sefcovic, Commissioner for Trade and Economic Security, about the trade agreement with the US that “carries considerable weight,” at a press conference in Brussels, Belgium, the city that hosts the main institutions of the European Union (EU).
The commissioner noted that the alternative would have been “a trade war with astronomical tariffs that would harm everyone.”
The 15% tariffs on the EU are “the most favorable scenario the US has applied to a partner,” added Maros Sefcovic, considering that it will bring “stability and predictability” to the businesses and citizens of the European political-economic bloc.
According to the joint statement released today, Brussels and Washington commit to “a framework for transatlantic trade and investment that is fair, balanced, and mutually beneficial.”
However, the agreement reached between European Commission President Ursula von der Leyen and US President Donald Trump faced criticism within the EU. The main criticism is that the agreement is unfavorable for the European community bloc.
The joint statement says the agreement is “the first step of a process that will increase trade exchanges and improve market access in additional sectors.”
The 15% tariffs are comprehensive, including “strategic sectors” such as the automotive, pharmaceutical, timber, and semiconductor industries.
Some sectors “will benefit from a specific regime” starting September 1, including natural resources sectors like cork, all aircraft and parts for construction and maintenance, generic pharmaceuticals, and ingredients.
