Italy Business News Wire
SEE OTHER BRANDS

Top business and economy news from Italy

Von der Leyen seeks to downsize criticism of trade deal with US

(MENAFN) European Commission President Ursula von der Leyen has defended the EU’s newly signed trade agreement with the United States, seeking to downplay mounting criticism across Europe. The deal, sealed on Sunday during a meeting with US President Donald Trump at one of his Scottish resorts, places a 15% tariff on most EU exports while exempting American goods from similar duties.

“15% is not to be underestimated, but it is the best we could get,” von der Leyen told reporters when asked whether the deal provides sufficient relief to European industries, particularly automakers.

The agreement was reached just before Trump’s threatened 30% blanket tariff was due to take effect on August 1. However, the outcome has drawn backlash for falling short of the EU’s original position: a tariff-free arrangement on both sides.

Trump, who has long accused the EU of unfair trade practices, including tax disparities and legal obstacles, increased pressure earlier this year by slapping 25% tariffs on European cars, 50% on steel and aluminum, and threatening additional measures. Treasury Secretary Scott Bessent said the aggressive stance was meant to “light a fire under the EU.”

The finalized deal has been labeled a “capitulation” by critics throughout the bloc. French Prime Minister Francois Bayrou described it as an act of “submission,” and Hungarian Prime Minister Viktor Orban quipped that “Donald Trump ate Ursula von der Leyen for breakfast.” Russian official Dmitry Medvedev added fuel to the criticism, claiming, “Trump wiped the floor with Europe.”

Despite the controversy, the deal has received support in some quarters. German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni backed the agreement as a necessary step to avoid a costly trade war and maintain economic stability for export-heavy economies.

MENAFN29072025000045017281ID1109857356

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

Share us

on your social networks:
AGPs

Get the latest news on this topic.

SIGN UP FOR FREE TODAY

No Thanks

By signing to this email alert, you
agree to our Terms & Conditions