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Provisional Agreement Reached
After months of negotiations, the European Union and United States have established a provisional trade agreement addressing import tariffs. US President Trump and European Commission President Von der Leyen finalized the deal yesterday, setting a 15% duty on EU goods exported to America.
Agreement Details
The agreement increases existing tariffs from 10% to 15% on most European products, with temporary exemptions for pharmaceuticals and chip-manufacturing equipment. The steel and aluminum sectors face higher 50% tariffs unchanged since June. Dutch industry representative Theo Henrar criticized the deal: "Trump behaves like a bully on the playground. You should never give in to that."
Economic Implications
American businesses importing European goods will initially pay these tariffs, likely passing costs to US consumers. European companies with US competitors may absorb partial costs to retain market share. Steven Brakman, International Trade Professor at University of Groningen, stated: "The big loser is the American consumer and businesses."
Winners and Losers
While the EU faces higher tariffs than before, the agreement prevents previously threatened 30-50% rates. The US risks diminishing its economic leadership as trade partners seek alternatives. Customs specialist Martijn Schippers noted: "It remains to be seen who ultimately pays the bill."
Consumer Impact
European consumers will experience minimal immediate effects as EU counter-tariffs on American products remain suspended. Businesses gain temporary clarity after months of uncertainty, though pharmaceutical tariffs remain undefined.
Next Steps
The agreement requires ratification by the European Parliament and national governments. Experts emphasize the need for long-term stability amid concerns about potential future tariff hikes. Final details on exempted sectors will be negotiated in coming weeks.
