The recent trade pact between the United States and the European Union caps most U.S. tariffs on EU goods at 15 percent, including those on cars and pharmaceuticals, while exempting generics and aircraft parts, reports 24brussels.
Critics, including former World Trade Organization chief Pascal Lamy, have expressed concerns that the agreement could undermine Europe’s position as a staunch defender of rules-based trade.
However, European Commission President Ursula von der Leyen asserted that the EU has achieved a distinct outcome, emphasizing a uniform tariff ceiling of 15 percent, diverging from the multi-tiered rates imposed by the U.S. on other countries.
Von der Leyen also highlighted that the EU’s food safety, health, and digital regulations remain intact, while underlining Brussels’ ongoing initiatives to expand trade relations, including negotiations with Mexico, Mercosur countries, and an anticipated agreement with India before the year’s conclusion.
Echoing sentiments from former European Central Bank governor Mario Draghi, who recently urged the dismantling of internal market barriers, von der Leyen argued that these barriers impede growth more significantly than any foreign tariffs. “If Europe wants to fully unlock its potential, this is the most urgent challenge,” she stated.
