Merz says US–EU trade deal brings benefits for both sides
Merz pleased with the US–EU trade deal (Photo: Getty Images)
The agreement between the US and the EU helped prevent an escalation in transatlantic trade relations, states German Chancellor Friedrich Merz.
"This made it possible to avoid a trade conflict that could have severely impacted Germany’s export-oriented economy," he explained.
Merz noted that the deal is especially significant for the automotive industry, as Trump’s tariffs will be reduced from 27.5% to 15%.
According to him, the fruits of success came from unity within the European Union and persistent efforts. As German Chancellor Friedrich Merz noted, he hopes to see a simplification of transatlantic trade in the future.
“Everyone benefits from stable and predictable trade relations with market access for both sides — on this side of the Atlantic and the other, for both businesses and consumers,” Merz stated.
US–EU trade deal
On July 27, U.S. President Donald Trump announced a new sweeping trade agreement with the European Union, lowering the base tariff on goods from European countries to 15%.
The agreement includes:
- Europe will purchase $750 billion worth of American energy resources.
- The EU will additionally invest $600 billion into the US economy.
- European countries will buy hundreds of billions of dollars’ worth of American military equipment.
European Commission President Ursula von der Leyen also stated that zero tariffs will be introduced on a range of products.
Following the announcement of the deal, global oil prices rose. Brent futures increased to $68.66 per barrel, while West Texas Intermediate climbed to $65.38 per barrel.
