this post was submitted on 27 Jul 2025
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US and EU reach trade deal to avoid tariffs (www.dw.com)
submitted 5 days ago by nuko147@lemmy.world to c/buyeuropean@feddit.uk
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What's in the EU-US trade deal?

"We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15%," according to Trump.

Currently, most EU goods face a 10% tariff, with levies of 50% on steel and aluminum. Cars and car parts are now taxed at 25%.

Trump also said the bloc had agreed to purchase "$750 billion (โ‚ฌ638 billion) worth of energy" from his country, as well as $600 billion more in additional investments.

The president told reporters at the start of the meeting that fairness was the main remaining sticking point.

"Europe is very closed. We don't sell cars into Europe. We don't sell essentially agriculture of any great degree," he said, adding that pharmaceuticals "won't be part of" any agreement.

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[โ€“] ExLisper@lemmy.curiana.net 3 points 4 days ago (1 children)

Bye, EU economy!

Don't be overly dramatic. The impact is estimated to be 0.5% GDP. This is a bad deal for EU for many reasons but it's definitely not economy ending. EU will try to struck deals with other partners now and diversify.

The scary part is more how weak EU is now. It missed how dangerous Putin was to its security and it missed how dangerous depending on US for security was. China understood this but EU wasn't able to react. It's internally divided and unable to come up with clear plan on how to defend itself. I guess I'm being dramatic now but Russia sees all this and definitely will try to use this opportunity.

[โ€“] nuko147@lemmy.world 1 points 4 days ago (1 children)

0.5% GDP in what period? Because if it is yearly, it's a lot. Any source?

[โ€“] ExLisper@lemmy.curiana.net 2 points 4 days ago

For example: https://www.bruegel.org/analysis/economic-impact-trumps-tariffs-europe-initial-assessment

It's older analysis for multiple scenarios including no deal scenario:

"An overall GDP drop of about 0.3 percentage points is significant but unlikely to push the EU economy into a recession as the EU was expected to grow by 1.5 percent in 2025 before the tariffs. It should be noted that these models do not account for all effects, such as the risks posed by a financial crisis in the US."