Today\'s deal creates certainty in uncertain times. It delivers stability and predictability, for citizens and businesses on both sides of the Atlantic. This is a deal between the two largest economies in the world. We trade USD 1.7 trillion per year. Together we are a market of 800 million people. And we are nearly 44% of global GDP. Just a few weeks after the NATO summit, this is the second building block, reaffirming the transatlantic partnership.
It’s pretty far from a win. It’s backing down to a bully because you know a fight would hurt you both badly, and that you still need the help of this bully against another.
Shit sucks, but that’s where we are now.
Maybe, but what I don’t understand is why the EU didn’t discuss also trade in services, at least not in public. The value of trade in services between the EU and the US was 817 billion euros in 2024 (according to Eurostat), quite close to the trade in goods which was 867 billion euros. And US surplus in trade in services is 148 billion euros in 2024. That is around three quarters the deficit the US makes in trade of goods which is 197 billions euros.
So the EU has leverage, especially as trade in services has been increasing extensively over the years and is reasonably expected to to so in the future.
Right, the fight can hurt both sides, but capitulating today will only end with another capitulation tomorrow.
Well, we as EU could have simply let Trump know that we are a market they cannot leave.
Put a 15% additional taxes on every penny the US tech companies make in EU… and it is not really hard to do it even without them collaborating.