Details of EU-US Trade Agreement Revealed: EU Officials and Experts Say Key Demands Not Breached

　　On August 21, the European Union and the United States issued a joint statement, disclosing the specific details of the new trade agreement reached in July. Regarding this agreement, EU trade officials and experts stated that it is far from fair for the EU and will have adverse effects on the European economy.

　　The EU has committed to eliminating tariffs on U.S.-made industrial products and providing preferential market access for American seafood and agricultural products. The EU also plans to purchase $750 billion worth of U.S. liquefied natural gas, oil, and nuclear energy products by 2028, along with an additional $40 billion in U.S. artificial intelligence chips. It further intends to significantly increase procurement of U.S. military and defense equipment. EU companies will also make new investments of $600 billion in strategic industries in the United States.

　　At a press conference held that day, Maroš Šefčovič, European Commissioner for Trade and Economic Security, confirmed that key interest areas for the EU, such as wine and spirits, were not included in the agreement's tariff reduction list. The U.S. is well aware that this is a priority demand for the EU, and both sides will continue discussions in the future. Šefčovič stated that efforts would be made to reduce tariffs on these products.

　　Bernd Lange, Chair of the European Parliament's International Trade Committee, commented, "It is far from a fair deal, and many key questions remain unanswered. The obvious imbalance in the agreement, which favors the U.S., is becoming increasingly apparent." Lange pointed out that the agreement would have foreseeable negative impacts on European growth and employment.

　　Carsten Brzeski, Head of Macro Research at ING, noted that the EU-U.S. agreement contains numerous potential friction points that could lead to escalated tensions in the future. Moreover, many "aspirational" aspects of implementation, supervision, and enforcement remain unclear. More alarmingly, the agreement highlights the EU's deepening dependence on the United States, making it less of a "deal" and more of a "damage control document" for the EU.