U.S.-EU Trade Pact Sparks Sharp European Response
(MENAFN) U.S. President Donald Trump and European Commission President Ursula von der Leyen declared on Sunday that the United States and the European Union have finalized a significant new trade pact. The White House hailed the agreement as "historic," but numerous European voices have condemned it as disproportionately favoring the U.S.
Speaking at a press conference in Scotland following his discussions with von der Leyen, Trump revealed that the EU would commit to purchasing $750 billion worth of American energy products and boosting investments in the U.S. by an additional $600 billion under the deal.
A White House document published Monday details that most EU goods exported to the U.S.—including pharmaceuticals, cars and parts, and semiconductors—will now be subject to a 15% tariff. Meanwhile, tariffs on European steel, aluminum, and copper imports into the U.S. will remain steep at 50%.
Described by the White House as "a generational modernization of the transatlantic alliance," the agreement has nonetheless drawn sharp rebuke from European politicians and experts. French Prime Minister Francois Bayrou labeled Sunday "a dark day" for the EU, accusing it of choosing to "submit."
German Chancellor Friedrich Merz warned on Monday that the pact threatens the German economy, stressing that tariffs present a heavy burden for Germany's export-driven market.
Bernd Lange, chair of the European Parliament's Committee on International Trade, cautioned that the deal risks destabilizing the EU’s economic foundation and jeopardizing jobs, calling it "unsatisfactory" and "significantly imbalanced."
"This is a deal with a slant. Clearly, concessions have been made that are difficult to bear," Lange stated on Sunday. "Overall, this deal will contribute to weakening the EU's economic development and harming its gross domestic product."
Finnish Finance Minister Riikka Purra also voiced strong disapproval, arguing that although the EU might be negotiating from a weaker position, the terms of the reported agreement appear "terribly imbalanced."
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