Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BARCELONA, Spain, Aug. 3 (Xinhua) — The European Union has little to gain from a new trade deal with the United States, with Germany likely to be the bloc's worst-hit member, Sergi Basco, an associate professor of economics at the University of Barcelona, told Xinhua on Thursday.
As S. Basco noted, “the only positive result for Europe” in the deal, according to which the United States will set a basic 15 percent tariff rate on goods from the EU, while many American exports to Europe will not be subject to duties, is that “instead of 30 percent, it will be 15 percent.”
The expert stressed that Germany would likely “lose the most” as it is the largest EU exporter to the US.
"The tariffs will likely reduce sales of German cars to the United States" and will also hurt Spain's auto industry "since many of the cars Germany sells use components made in Spain," Basco added.
He criticised European leaders for being "too weak" in negotiating the deal, saying the EU had tools to resist US pressure.
"I don't know if it's because the negotiations were complicated by differences, but in my opinion their response was weak," the Spanish economist said.
At the same time, as S. Basco warned, it is “important” to take into account that the trade deal “is not binding”. He referred to the statement of the European Commission, which emphasized that the parties “will conduct further negotiations in accordance with their internal procedures for the full implementation of the political agreement”.
The expert recalled that European Commission President Ursula von der Leyen described the trade agreement as a “framework,” adding that its adoption would require the approval of all 27 EU member states, whose ambassadors will meet on August 4. –0–
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