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Publication of the EU-US joint statement o trade brings much needed clarity for businesses, but this should not be the end result.
So says Europe’s business community in response to the keenly awaited statement from the EU and US.
This establishes a framework for what the EU calls a fair, balanced and mutually beneficial transatlantic trade and investment.
It builds on the political agreement reached by President Ursula von der Leyen and President Trump on 27 July.
The statement sets out the commitment on both sides to work towards restoring stability and predictability in EU-US trade and investment, for the benefit of businesses and citizens.
It is the first step in a process which, the EU also argues, will increase trade and improve market access in additional sectors.
The move follows intensive negotiations led by EU Trade Commissioner Maroš Šefčovič with his US counterparts, Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer.
Reaction has been swift with BusinessEurope Director General Markus J. Beyrer telling this site: “The EU and the U.S. must remain engaged and committed to improving the conditions for companies to trade and invest across the Atlantic. In particular, we hope the two can further expand the list of tariff-exempt products.”
He added, “We appreciate the efforts from the European Commission to avoid tariff escalation, but 15% duties will have a negative impact on European competitiveness. Therefore, the EU must redouble efforts to improve its competitiveness, reducing regulatory burden and the cost of energy and moving forward with its trade diversification agenda.”
Further comment on the agreement comes from a senior MEP, Anna Cavazzini, Greens/EFA shadow on the EU-US trade relations.
She is highly critical of the agreement.
“Good things,” she told this site, “do not come to those who wait.”
“The EU and US finally published their joint statement on trade policy. What should have been a formality, following the political agreement and press conference by US President Trump and Commission President von der Leyen, turned into tough negotiations. This shows how contentious the issues remain and how superficial the political deal was, leaving plenty of room for interpretation.”
“It is a bad deal for Europe. It imposes tariffs on European exports to the US and further increases Europe’s dependence on the United States in critical sectors such as defence, semiconductors, AI and energy, instead of reducing it.
“Fossil fuel exports worth hundreds of billions of euros combined with commitments to weaken EU energy regulations undermine the EU Green Deal. This trade deal shows Trump and the rest of the world that his blackmail works, further weakening the global rules-based order.”
She added, though, that , “One small ray of hope is that the Commission has at least secured a commitment from the US not to impose more than the basic 15% tariff on pharmaceutical products, semiconductors and cars in the future. This was a point of contention until the very end.”
“However, the Commission is crossing its own red lines by agreeing to undermine democratic legislative procedures and the EU’s regulatory sovereignty, thereby legitimising Trump’s coercive measures.”
The deputy argued, “It is unprecedented for the EU to grant a third country the right to influence our legislation. For example, the EU has agreed not to introduce network fees, pre-empting a democratic decision, and to amend the EU due diligence law. This is a complete surrender to Trump.”
Further comment comes from von der Leyen, who said: “The European Union will always pursue the best outcomes for its citizens and businesses. Faced with a challenging situation, we have delivered for our Member States and industry, and restored clarity and coherence to transatlantic trade.”
She added, “This is not the end of the process, we continue to engage with the US to agree more tariff reductions, to identify more areas of cooperation, and to create more economic growth potential.”
“At the same time, we continue to diversify our international trade partnerships, creating EU jobs and prosperity.”
