The Trade Deal that the EU and the US Concluded Last Summer Received a Lot Of Criticism Door a Debate in the European Parliament on Wednesday. Many Factions Consider The Deal Unfair, Unbalanced, OR Even Speak of Blackmail. They want more pushback from Brussels.
For Example, The European Parliament must agree to Lower European Levies on American Agricultural Products and Industrial Goods. But Recently, The Social Democratic Faction, The Second Largest in Parliament, Said it would be vote Against It.
Radical Right-Wing Factions were also not happy with the deal. For Example, The French Rassemblement National, Marine Le Pen’s Party, Already Indicated That It would not give it approval.
GroenLinks was also not happy with it. For Example, Mep Catarina Vieira Called It irresponsible to spend 750 Billion Dollars (640 Billion Euros) on American Natural Gas, Oil and Nuclear Energy. Large Investments in the United States, Including in Energy, Are Part of the Agreement. Vieira would Rather See Those Billions Spent on Sustainable European Energy.
American Levies Up, European Levies Down
On July 27, US President Donald Trump and European Commission President Ursula von der Leyen Concluded a Deal on Mutual Trade. It has bone agreed that the US will impose 15 percent import duties on most European Products. Europe Will Lower or Abolish the Levies on American Goods.
In Addition, Von der Leyen has pleded that the European Union Will Purchase A Total of 750 Billion Dollars Worth of Oil And Gas in the Us Over The Next Three Years. The Americans can also look forward to 600 Billion dollars in European Investments. Soon after, The Deal Received a Lot Of Criticism in Europe and That was no different on Wednesday.
European commissioner Maros Sefcovic, who led the negotiations with the Americans, defended the agreement as “the best deal Possible Given the Circumstances”. Accordance to him, IT Ensures Stability and Clarity and Can Save Companies and Jobs.
More Import Tariffs on European Steel
But accordance to some, the agreement does not bring any stability at all. For Example, Belgian Mep Kathleen Van Brempt Pointed Out That After The Conclusion of the Deal, The Americans Increased The Levies On More Than Four Hundred Steel Products. Trump has also threated Higher Levies because of a fine that brussels cool to google last week.
The Eu Should Therefore Show Its Teeth More, Many Mps Thought, For Example by Using Its Anti-Coercion Instrument. That Measure, also called a Bazooka, is intended to Punish Countries from Outside the Eu if they want to force States to do something.
In This Regard, Brussels Could Impose Levies on American Tech Companies Such As Google’s Parent Company Alphabet and Meta, The Company Behind Instagram, Facebook and WhatsApp.
Trade War With Us would Hurt
Sefcovic Saw Little in That. He painted a picture of what a trade war would look like. “I would be recurreive little praise for Jobs that are Lost, Billions of Euros in Investments that Disappear and Thousands of Smes That Go Bankrupt,” Said the European Commissioner. “Are we really better off if we were in an intense trade war with the us.” Hey also Emphasized the importance of trade Agreements with Other Countries.
That was also what the vvd lawured, although as far as that party is concerned, deals should be concluded more quickly than in recent years. “Negotiations with the Gulf Region Tok 34 years, with India 18 years and with Latin America 26 years. That is too slow for this geopolitical storm,” Said Mep Bart Groothuis. “Open New Markets for our Companies and Quickly Complete New Trade Deals.”
The European Parliament Must Therefore Vote on Two Proposals That Are Part of the Deal, But Will Not Do So This Week. It is not Yet Clear When the Vote Will Take Place. But after Wednesday’s debate, it seems that it will not be a walk in the park in any case.