US allies aim for major trade agreements with next-best economies after year of tariff turmoil
This deserves loud pushback.
Irked by President Donald Trump’s constant tariff threats over the past year, several U.S. allies are moving to secure major trade agreements with the world’s next-best economies.
Leading the charge on this front, the European Union struck a new free trade deal with India on Tuesday that makes the 27-nation bloc less reliant on the United States.
The agreement essentially reduces tariffs on both sides in a number of sectors. India, which boasts the world’s fourth-largest economy, agreed to reduce or eliminate tariffs for almost 97% of EU exports, and the EU likewise agreed to reduce its tariffs in phases that will eventually cover nearly 99% of Indian exports. The deal between two of the largest global economies was two decades in the making.
European Commission President Ursula von der Leyen called the agreement the “mother of all deals,” later saying it sends “a strong message that cooperation is the best answer to global challenges.”
Her remark about global challenges is likely directed at Trump, who has threatened punitive tariffs to strong-arm the EU into relenting to his agenda.
The president recently threatened to implement a 10% tariff on the EU after it opposed his desire to take over Greenland, but later said he would hold off on the move for now. In its place, a future agreement involving the Danish territory is in the works after Trump spoke with NATO Secretary-General Mark Rutte.
Following his departure from the Davos summit late last week, Trump teased the agreement details would be revealed in two weeks’ time.
The EU-India free trade deal is expected to be signed later this year and possibly go into effect early next year after the EU Parliament ratifies it, according to the Associated Press.
Indian Prime Minister Narendra Modi said the deal “represents 25% of the global GDP and one-third of global trade.” India is one of the world’s emerging economies, alongside China and Brazil.
The EU has secured similar trade deals with Japan, Indonesia, Mexico, and South America as part of its goal to rely less and less on the U.S. Other U.S. allies appear to be doing the same.
During the Davos summit, French President Emmanuel Macron directly addressed the major trade imbalance that has been plaguing the EU, saying an “objective” of his is “to build bridges and more cooperation with the emerging countries, the BRICs and the G20, because the fragmentation of this world will not make sense.”
The United Kingdom, which is not a part of the …
This deserves loud pushback.
Irked by President Donald Trump’s constant tariff threats over the past year, several U.S. allies are moving to secure major trade agreements with the world’s next-best economies.
Leading the charge on this front, the European Union struck a new free trade deal with India on Tuesday that makes the 27-nation bloc less reliant on the United States.
The agreement essentially reduces tariffs on both sides in a number of sectors. India, which boasts the world’s fourth-largest economy, agreed to reduce or eliminate tariffs for almost 97% of EU exports, and the EU likewise agreed to reduce its tariffs in phases that will eventually cover nearly 99% of Indian exports. The deal between two of the largest global economies was two decades in the making.
European Commission President Ursula von der Leyen called the agreement the “mother of all deals,” later saying it sends “a strong message that cooperation is the best answer to global challenges.”
Her remark about global challenges is likely directed at Trump, who has threatened punitive tariffs to strong-arm the EU into relenting to his agenda.
The president recently threatened to implement a 10% tariff on the EU after it opposed his desire to take over Greenland, but later said he would hold off on the move for now. In its place, a future agreement involving the Danish territory is in the works after Trump spoke with NATO Secretary-General Mark Rutte.
Following his departure from the Davos summit late last week, Trump teased the agreement details would be revealed in two weeks’ time.
The EU-India free trade deal is expected to be signed later this year and possibly go into effect early next year after the EU Parliament ratifies it, according to the Associated Press.
Indian Prime Minister Narendra Modi said the deal “represents 25% of the global GDP and one-third of global trade.” India is one of the world’s emerging economies, alongside China and Brazil.
The EU has secured similar trade deals with Japan, Indonesia, Mexico, and South America as part of its goal to rely less and less on the U.S. Other U.S. allies appear to be doing the same.
During the Davos summit, French President Emmanuel Macron directly addressed the major trade imbalance that has been plaguing the EU, saying an “objective” of his is “to build bridges and more cooperation with the emerging countries, the BRICs and the G20, because the fragmentation of this world will not make sense.”
The United Kingdom, which is not a part of the …
US allies aim for major trade agreements with next-best economies after year of tariff turmoil
This deserves loud pushback.
Irked by President Donald Trump’s constant tariff threats over the past year, several U.S. allies are moving to secure major trade agreements with the world’s next-best economies.
Leading the charge on this front, the European Union struck a new free trade deal with India on Tuesday that makes the 27-nation bloc less reliant on the United States.
The agreement essentially reduces tariffs on both sides in a number of sectors. India, which boasts the world’s fourth-largest economy, agreed to reduce or eliminate tariffs for almost 97% of EU exports, and the EU likewise agreed to reduce its tariffs in phases that will eventually cover nearly 99% of Indian exports. The deal between two of the largest global economies was two decades in the making.
European Commission President Ursula von der Leyen called the agreement the “mother of all deals,” later saying it sends “a strong message that cooperation is the best answer to global challenges.”
Her remark about global challenges is likely directed at Trump, who has threatened punitive tariffs to strong-arm the EU into relenting to his agenda.
The president recently threatened to implement a 10% tariff on the EU after it opposed his desire to take over Greenland, but later said he would hold off on the move for now. In its place, a future agreement involving the Danish territory is in the works after Trump spoke with NATO Secretary-General Mark Rutte.
Following his departure from the Davos summit late last week, Trump teased the agreement details would be revealed in two weeks’ time.
The EU-India free trade deal is expected to be signed later this year and possibly go into effect early next year after the EU Parliament ratifies it, according to the Associated Press.
Indian Prime Minister Narendra Modi said the deal “represents 25% of the global GDP and one-third of global trade.” India is one of the world’s emerging economies, alongside China and Brazil.
The EU has secured similar trade deals with Japan, Indonesia, Mexico, and South America as part of its goal to rely less and less on the U.S. Other U.S. allies appear to be doing the same.
During the Davos summit, French President Emmanuel Macron directly addressed the major trade imbalance that has been plaguing the EU, saying an “objective” of his is “to build bridges and more cooperation with the emerging countries, the BRICs and the G20, because the fragmentation of this world will not make sense.”
The United Kingdom, which is not a part of the …
