EU-US duties: Costa on the Turnberry agreement, “not the best, but it calmed the storm”

For the European Union, adds Costa, “trade agreements are essential” because, being poor in raw materials, it “needs security” to import them and needs “markets” to which it can export its goods.

The Turnberry agreement allows the US to impose unilateral duties of 15% on goods imported from the EU, without any reciprocity: it entered into force the day before yesterday, after being voted by the European Parliament. A few days after the green light from Strasbourg, Trump threatened to hit countries that tax digital services with 100% tariffs, which would be additional to the 15% foreseen by the agreement signed in Scotland last summer.