FT predicted a quarter reduction in exports from the EU to the US due to the deal
Exports from the European Union (EU) to the United States will decrease by a quarter within two years amid a trade agreement reached between the parties. This was reported on July 28 by the Financial Times newspaper with reference to Commerzbank.
The article clarifies that this deal will lead to an increase in average import duties "by more than 10% compared to 2024."
"This will make it much more difficult for many companies to gain access to their most important foreign market," the company added.
Berenberg chief economist Holger Schmieding estimated that due to the duties, EU economic growth will decrease by 0.3% this year and next, but added that fiscal incentives in Germany will compensate for most of the damage.
The United States and the EU agreed on a trade deal on July 27. The agreement will allow the European Union to avoid 30% duties that could be imposed by Washington. At the same time, US President Donald Trump said that he did not intend to reduce the level of duties for Brussels from 15%. It was noted that the European Union agreed to purchase $750 billion worth of American energy resources and invest another $600 billion in the American economy.
Dmitry Medvedev, Deputy Chairman of the Russian Security Council, in turn, called the trade deal humiliating for Europeans and beneficial only to the United States. According to him, the agreement deprives Europe of protection in its own market, creates serious financial costs for it and prohibits the purchase of Russian energy resources.
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