President: Time Will Show Whether Trade Deal between EU and USA Is Beneficial

Bratislava, 28 July (TASR) - It is very good that negotiations between the European Union (EU) and the USA on a trade deal have finally been concluded following months of uncertainty. This has been causing uncertainty on markets, among producers, as well as employees in individual EU countries, including Slovakia, President Peter Pellegrini posted on a social network on Monday. However, only time will tell what impact this trade deal will have and on whom. Time will also show whether the European Union will be able to maintain the competitiveness it has been losing in a globalised world in recent years. The president also praised the efforts and professionalism of the European Commissioner for Trade and Economic Security Maros Sefcovic, which he demonstrated during these tough negotiations. European Commission President Ursula von der Leyen and US President Donald Trump reached a deal to resolve a trade dispute over tariff hikes in Turnberry, Scotland, on Sunday (27 July) evening. According to Trump, the tariff rate on most EU imports to the US, including the automotive industry, will be 15 percent. The US president said that the EU agreed to buy USD 750 billion worth of energy from the US and wants to invest an additional USD 600 billion (€512 billion) in the USA. He specified that tariffs on steel and aluminium imports would remain at the current level of 50 percent. ko/mcs