The US and the European Union have sealed a trade deal – averting the threat of a trade war. But it’s getting a mixed response from European leaders. Some say it was the best possible result considering the circumstances, while others view it as a capitulation to the US. Heading into their talks on Sunday, US President Donald Trump and European Union chief Ursula von der Leyen said there was a 50-50 chance of reaching an agreement, with Trump’s August 1st deadline looming. Around an hour later, they emerged, announcing a breakthrough between the world’s two biggest economies. The result is a 15% tariff on most exports from the EU to the US. In addition, the EU agreed to make huge investments in US products, including energy and military equipment.
Chapter Breakdown:
0:00 Top EU trade negotiator defends deal
2:14 Cecilia Malmström, Former EU Trade Commissioner, Nonresident Senior Fellow at the Peterson Institute for International Economics, on why she believes the EU wasn’t tough enough in negotiations with the US
9:49 What does the EU-US trade deal entail?
12:31 Penny Naas, Analyst at the German Marshall Fund, on the deal replacing EU’s approach to developing strategic autonomy with ‘strategic vulnerability’ and a worry over-reliance on the US
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