The new trade agreement between the European Union and the United States undermines Europe's agricultural sector, especially wine and cognac production, the European Farmers' Association said.
“The EU-US agreement undermines high-quality European agricultural production“, the statement said. Farmers had expected the European Commission to achieve a reduction in tariffs on imports of “wine, cognac and other alcoholic products“ into the United States.
EC President Ursula von der Leyen said the agreement creates “conditions for balanced transatlantic trade“. According to European Commissioner for Trade Policy and Economic Security Maroš Šefčovič, the 15% maximum tariff “puts the EU in a “better position” compared to other exporters to the US.” The EU has also committed to purchasing US$750 billion worth of energy resources from the US, US$40 billion worth of electronic chips and investing US$600 billion in military production and strategic sectors.