The European Union (EU) secured the best available trade deal with the US that helped give European businesses advantage over many foreign rivals, EU Commission chief, Ursula von der Leyen, told the European Parliament.
"We ensured that Europe got the best possible deal out there. We have put our companies at a relative advantage. Because some of our direct competitors face much higher US tariffs," she said.
Leyen has been receiving criticism from lawmakers ever since she secured the trade deal with the US President Donald Trump in Scotland, with many saying the 15 per cent tariffs set on EU goods is too high.
The parliament will vote in the coming months on the Commission’s proposal to remove EU duties on US industrial goods, as was decided in the deal.
Also Read: US, EU agree on trade deal
Acknowledging that some competitors had secured lower baseline tariffs than the 15 per cent faced by the bloc, the EU chief said in her defense she had ensured that pre-existing duties were not added on top.
The Commission president also highlighted the importance of securing a trade deal with the US, saying the EU exported 500 billion euros ($585.20 billion) of goods to the United States each year, on which millions of jobs depended.
"The deal provides crucial stability in our relations with the US at a time of grave global insecurity. Think of the repercussions of a full-fledged trade war with the U.S. Picture the chaos," she said.
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