SOPK: EU's Weakness Prevented Better Outcome of Trade Deal with USA

Bratislava, 29 July (TASR) - It is a good thing that the threat of a trade war with the USA has been eliminated and a certain degree of short-term planning certainty for entrepreneurs has thus been obtained, Slovak Chamber of Commerce and Industry (SOPK) vice-president Julius Kostolny told TASR on Tuesday. On the other hand, it's been confirmed that Europe's weakness didn't allow for any better result, stated Kostolny. "Before Donald Trump assumed the presidential office, tariffs on US goods were 4.8 percent. Today they will be 15 percent. The European Union negotiated worse conditions than Great Britain or Japan, who agreed on 10 percent," stressed Kostolny. "Only carmakers, who are currently burdened with 27.5-percent tariffs, can be satisfied. Conversely, steel and aluminium producers will continue to be burdened with 50-percent tariffs," he added. Kostolny pointed out that the European Union has also committed itself to taking USD 750 billion (€640 billion) worth of oil and gas from the USA over the next three years. Logistics and transport costs will make these commodities more expensive than imports from other countries and reduce the competitiveness of European economies, he said. Kostolny stated that the agreement was "sewn with a hot needle", as zero tariffs on sensitive items haven't been published, while some other issues haven't been finalised, such as the system of reducing steel tariffs. ko/df