Brussels/Rome - An important breakthrough has been achieved in the long-standing trade conflict between the European Union and the United States. Both sides agreed on a new trade agreement that will initially apply until the end of 2029. This agreement brings some respite to the smouldering disputes over tariffs, particularly in the steel sector, which is important for Italy and Germany.
Details of the agreement until 2029
The core of the new agreement is the continuation of the suspended punitive tariffs that were introduced under the Trump administration. The solution that has now been found should ensure predictability and stability in transatlantic trade. Particularly noteworthy is a safeguard clause that protects the European steel industry in particular.
This clause stipulates that the EU can suspend the agreement if the USA does not comply with the agreed tariffs of 15% on steel. This mechanism serves as a safeguard against unforeseen trade policy maneuvers from Washington and was a key demand of the European negotiators.
Approval from Brussels and Rome
The agreement was welcomed by leading politicians on both sides of the Atlantic. The President of the European Commission, Ursula von der Leyen, emphasized the reliability of the EU and declared: „We will soon do our part, as promised.“ From the Italian perspective, Foreign Minister Antonio Tajani was positive and described the agreement as „good news“. The agreement is seen as a success for European diplomacy and an important step towards strengthening economic relations with the USA.
