The EU and the US have reached a political agreement known as the Turnberry Agreement.

In practice, this means the EU will face up to 15 % tariffs on the majority of goods exported to the United States, while the US receives 0 % tariffs (or very low duties) on a wide range of its industrial goods, aircraft, pharmaceuticals, and certain agricultural products entering the EU. Read more about the agreement here (European Parliament)

It will be fascinating to watch European politicians try to spin last night’s clear loss into a win.

Ursula von der Leyen and others have already started the damage control, talking about “stability” and “better than 30 %”. Classic EU diplomacy: declare victory while the hard-working European taxpayers foot the bill.

The reality is simple. Europe swallowed a bitter pill to avoid an even bigger defeat. We gave the Americans significantly better market access while accepting higher barriers for our own exporters.

We will now see the “Fake it until you make it” mindset deployed in many creative ways by EU politicians in the coming weeks.

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This is a new post on the new dewlar.me blog.
You can find the old blog here:https://mrsdewlar.blogspot.com

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