Bloomberg predicted the undermining of the EU's future amid a trade agreement with the United States
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- Bloomberg predicted the undermining of the EU's future amid a trade agreement with the United States
The trade agreement between the United States and the European Union (EU) is an extremely unfavorable deal for Brussels. This was announced on August 1 by Bloomberg columnist Simon Nixon.
"The deal marks a turning point in US-EU relations..."[The deal] halts 80 years of progress towards lowering transatlantic barriers to trade and deepening economic ties," the article says.
According to Goldman Sachs, the average US duties on imports from the EU will rise from 1.5% on the day of Trump's election to about 16%. At the same time, the deal will destroy any remaining hopes for lowering non-tariff barriers, which have been such a long-standing source of friction.
At the same time, the idea that the EU is a weak side weakens its position in future negotiations. Thus, the EU-China summit did not bring any progress in resolving trade disputes, partly due to Beijing's unwillingness to make concessions to the EU, which "does not have levers of influence."
"The perception of the EU as unable to effectively defend its interests undermines its claims to be a geopolitical player that plays a key role in strengthening the global role of the European currency," the article says.
It is noted that in the future, the EU, having a weakened negotiating position on the world stage, looks more susceptible to destructive protectionism.
On July 27, the United States and the European Union agreed on a trade deal. As part of the agreement, the EU agreed to purchase $750 billion worth of American energy resources and invest another $600 billion in the United States economy.
On July 30, Russian Foreign Ministry spokeswoman Maria Zakharova said that the EU's commitment to U.S. energy purchases, which is part of the parties' trade agreement, undermines the economic sovereignty of its members. She clarified that Europe has become more energy-dependent on Washington.
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