Home World News EU blocks trade deal with US

EU blocks trade deal with US

0
EU blocks trade deal with US

Members of the European Parliament on Wednesday blocked a vote to ratify a US-EU trade agreement as President Donald Trump escalated tensions with threats to seize Greenland and imposed a 10% import tax on countries opposing his plans

“EU-US Deal on ice indefinitely! Our sovereignty & territorial integrity are at stake. Business as usual impossible,” Bernd Lange, chairman of the European Parliament’s international trade committee, said on social media.

EU blocks trade deal with US
EU blocks trade deal with US

The preliminary agreement, known as the Turnberry Deal, was reached in July during European Commission President Ursula von der Leyen’s visit to Trump’s golf club in Turnberry, Scotland. It set out tariff and trade arrangements between the US and the 27-nation EU bloc.

In a statement, the European Parliament said the vote was suspended due to “continued and escalating threats, including tariff threats, against Greenland and Denmark, and their European allies.” The bloc stressed that work on the Turnberry legislative proposals would remain on hold until the US adopts a cooperative approach rather than confrontation.

Under the agreement, European goods would face a tariff cap of 15%, with sensitive sectors such as pharmaceuticals and semiconductors exempted from Trump’s threat of triple-digit tariffs.

The Turnberry Deal also included commitments from the EU to invest $600 billion in the US by 2028, purchase $750 billion in American energy, procure $40 billion in US semiconductors, and increase military equipment acquisitions.

“This Framework Agreement will put our trade and investment relationship — one of the largest in the world — on a solid footing and will reinvigorate our economies’ reindustrialization,” the EU said in a joint statement.

Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates

LEAVE A REPLY

Please enter your comment!
Please enter your name here