European Commission President Ursula von der Leyen publicly defended last month’s provisional trade accord with the United States, calling the arrangement a “strong, if not perfect” step that brings stability and prevents an escalation of trans-Atlantic tensions. In an opinion piece for Frankfurter Allgemeine Zeitung, she warned that a breakdown in talks would have handed a strategic victory to Russia and China and risked a costly trade war. The deal, struck with President Donald Trump on 27 July at Turnberry, Scotland, subjects European exports to a single 15 percent U.S. tariff—well below the 145 percent levy Washington imposed on Chinese goods in April. In return, Brussels agreed to expand purchases of American energy and defence equipment and opened a path to lower duties on cars, with possible future relief for steel and aluminium. Von der Leyen acknowledged criticism from EU lawmakers and industry groups, which argue the pact concedes too much to Washington, but said the alternative would jeopardise European jobs and undermine the euro. The Commission intends to keep pressing for softer U.S. tariffs on products such as wine and spirits as the two sides move to formalise the agreement in the coming weeks.
European Commission President Ursula von der Leyen defended the EU's trade deal with the US. By invoking Russia and China, she suggested that the failure to strike a deal would have been a gift to Europe's rivals, according to media reports. Chinese analysts have observed that https://t.co/zb9tLXx0lb
#OpinionLine What would have been the impacts of the #US #trade war, and restrictions on the exports of goods and technologies on #China in the absence of the #BeltandRoad Initiative? It is time for the remaining skeptics to shed their bias and acknowledge that the initiative is https://t.co/7cdRd363HW
.@danwwang and @arkroeber: “China’s industrial and technological strength is now a permanent feature of the world economy…Policymakers must recognize that their current playbook—export controls, tariffs, and scattershot industrial policy—is ineffective.” https://t.co/pLLEnCzzi3