The European Union’s trade deal with the US was met with frustration and resignation rather than celebration within the bloc.
Germany’s chancellor said it would “substantially damage” the finances of the EU’s biggest economy, and France’s prime minister called it a “submission,” with even those who supported the deal doing so in lukewarm fashion: Spain’s prime minister said he backed it “without any enthusiasm,” and the leader of European Commission President Ursula von der Leyen’s party called it “damage control.”
La Matinale, a Europe-focused newsletter, referenced Washington’s “Liberation Day” tariffs in calling the deal “the European Union’s Humiliation Day.” Still, the agreement was better than those threatened duties, resulting in Goldman Sachs upgrading its forecasts for the EU’s economic growth.
