Trade agreement with the USA protects EU interests – Costa

BRUSSELS – The President of the European Council, António Costa, praised today the work of the President of the European Commission, Ursula von der Leyen, for “stabilizing trade with the United States, achieving an agreement that protects the ‘fundamental interests’ of the European Union.
“Determination and unity paved the way for a negotiated agreement with the US, which prioritizes cooperation, protects the fundamental interests of the EU, and offers companies the certainty they need,” highlighted Costa.
In addition to praising Von der Leyen, the former Portuguese Prime Minister also applauded, in a message on his social media, the role of the Trade Commissioner, Maros Sefcovic, and the rest of the European Commission’s negotiating team for the agreement concluded today with the American President, Donald Trump, in Scotland.
“I commend the work of Von der Leyen, Maros Sefcovic, and the European Commission to stabilize transatlantic trade,” stated Costa.
The bilateral agreement includes a fixed and maximum tariff of 15% on European exports to the United States, instead of the 30% that Washington threatened to impose starting August 1, if there was no consensus, Von der Leyen reported after her meeting with the American president.
These 15% will be applied “to most sectors, such as automobiles, semiconductors, and pharmaceuticals,” specified the head of the community executive, in statements to the press after the meeting with Trump, at his golf complex in Turnberry, west of Scotland.
This information contradicts what was previously stated by Donald Trump, who claimed that pharmaceuticals were excluded from the negotiation.
Von der Leyen also announced that “zero tariffs” were agreed upon by both parties on a range of “strategic products,” including those in the aerospace sector and its components, certain chemicals, agricultural products, natural resources, and raw materials.
The head of the community executive indicated that they will continue to work to add more items to this list.
For his part, the President of the European Council encouraged taking advantage of “this outcome to continue strengthening the competitiveness of the EU and expanding our global trade network.”
In this regard, Von der Leyen highlighted today that the European Union is creating new trade alliances around the world, expanding the 76 it already has.
“We concluded negotiations in recent months with Mercosur, Mexico, and Indonesia. In an unstable world, Europe is a reliable partner. And we will continue to offer agreements that help safeguard our prosperity,” she emphasized.
The pact includes a commitment from the EU to purchase energy from the US worth $750 billion and to invest an additional $600 billion in that country, as Trump previously explained.