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“It is not the perfect outcome for the EU, nor is it perfect for the United States,” stated the European Commission’s spokesman for Trade, Olof Gill, during the institution’s daily press conference in Brussels.
“We believe that [the agreement] gives us the platform to move forward and focus on enabling transatlantic trade to flourish, to cooperate on key areas of economic and geopolitical importance in an unstable world,” he added.
Indicating that the parties are finalizing the joint communication to formalize the agreement reached last Sunday, Olof Gill remarked, “We are making the best of a tough situation and are determined to make this agreement work.”
The EU managed to reach an agreement with the United States on Sunday to ease trade tensions that began in March, while recognizing that this is the feasible agreement and not the best possible one.
The trade agreement sets U.S. customs duties on European products at 15%, and includes the EU’s commitment to purchase U.S. energy valued at $750 billion (approximately 642 billion euros), an additional investment of 600 billion (514 billion euros), and an increase in military equipment acquisitions.
Diplomats in Brussels view this agreement as the “lowest possible tariffs” and an “opportunity to stabilize transatlantic relations,” given that the EU and the United States are the world’s largest trading partners, although the European ambition was greater, aiming for zero tariffs on European industrial goods, as the European Commission had proposed.
A single tariff of 15% has been achieved on most EU goods exported to the United States, down from the 30% threatened by Donald Trump, exempting strategic sectors such as semiconductors, aerospace components, and certain pharmaceutical products.
The EU will not have a similar tariff, as the U.S. argument focuses on the trade deficit with the EU.
The agreement remains preliminary and not fully official, with details pending.
It is expected that, for now, the EU will not suspend the countermeasures it had prepared in case no agreement was reached with the United States, as the official publication is awaited.
