Italy called the trade deal between the United States and the EU unprofitable

For Italy, the trade deal between the United States and the European Union (EU) is "very bad." This was stated on July 28 by Michele Geraci, former Deputy Minister of Economic Development of the country, in an interview with Izvestia.

"This is very bad for the European Union. This is very bad for Italy. It's not really an agreement. This is a list of measures that the United States is imposing on the European Union," Geraci said.

According to the politician, the fact that the EU is obliged to invest more than 500 billion euros in the US economy means more jobs for Americans and fewer for Europeans.

"This is a list of conditions that the United States imposed on the European Commission and [European Commission President] Ursula von der Leyen, who in fact could not agree on a deal in the interests of our European citizens. All she did was, in fact, conceded on every point," he explained.

Under the current government, Italy is not experiencing economic growth, and wages are falling due to an increase in the number of illegal migrants, Geraci added.

The end of free trade: The US is on the verge of harsh action against the EU

The parties are ready to exchange mutual duties of 30%

On July 27, US President Donald Trump announced a trade deal with the European Union. According to Bloomberg, the agreement will allow the EU to avoid the 30 percent tariffs that Washington could impose. It is specified that, in turn, the EU agreed to purchase $750 billion worth of American energy resources and invest another $600 billion in the United States economy.

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