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Reaction to the European Union's trade agreement with the Trump administration
International
AP

Reaction to the European Union's trade agreement with the Trump administration

  • By DAVID McHUGH, THOMAS ADAMSON, JUSTIN SPIKE and NICOLE WINFIELD - Associated Press

The European Union's trade agreement with the Trump administration is receiving mixed reviews. EU officials claim they avoided a major economic disaster. But French officials argue the EU didn't leverage its full strength. The deal imposes a 15% tariff on most goods imported into the U.S. with no agreement on key areas like pharmaceuticals and steel. French officials criticize the deal as unbalanced while Germany and Italy see it as avoiding unnecessary escalation. Hungarian Prime Minister Viktor Orbán on Monday called it a failure for Europe. Economists warn the deal could hinder growth and lacks clarity.

US-EU trade deal wards off further escalation but will raise costs for companies and consumers
International
AP

US-EU trade deal wards off further escalation but will raise costs for companies and consumers

  • By DAVID McHUGH - AP Business Writer

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal. It raises tariffs on most European goods to 15%, warding off Trump’s threat of a 30% rate if no deal had been reached by Aug. 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and slow growth in both the U.S. and Europe. But the deal appears to ward off a worse escalation of trade tensions.