National leaders across the EU have given largely negative responses to a new trade deal reached with the US last week to avoid punishing tariffs, but acknowledged the outcome is preferable to a full trade war.
Under the agreement reached last week between US president Donald Trump and his EU counterpart Ursula von der Leyen, EU imports to the US will face a base 15 percent duty from Friday August 1st - though some sectors such as steel still attract larger levies.
In total, tariffs will apply to 70 percent of EU exports worth €380 billion a year.
The EU is also said to have committed to buying more energy from the US, as well as pledging to invest $600 billion into the country. American exports to the EU - including cars, which are currently tariffed at ten per cent - will be duty free.
Many politicians and commentators in Europe have noted the uneven nature of the deal, which will also see the end of zero-rated import duties for the pharmaceutical sector, one of the EU's biggest export markets.
French prime minister Francois Bayrou was among the most vocal critics, writing on social media: “It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission.”
German chancellor Friedrich Merz also said the agreement would lead to "substantial damage" to his country's economy. However, he acknowledged it will end "needless escalation in transatlantic trade relations” and added that the EU could not have expected more.
Meanwhile, Spanish prime minister Pedro Sánchez said he supported the deal “without any enthusiasm”.
The agreement is still to be finalized, with a complete list of products that will be subject to tariffs expected to be released this week, while talks remain ongoing concerning sectors such as agriculture and spirits.
It will also need to be ratified by national governments in the EU - although there is not expected to be enough opposition to veto the agreement, despite the misgivings.