28 July 2025: 09:30 BST
The EU capitulated on the Tariff Wars! Someone has to eat some TACO and this time was Europe. Ursula von der Leyen said about the deal, ‘it was the best we could get.’ Someone needs to fire her and find another negotiator. Francois Bayrou, the French PM put it best:Â it is a dark day when an alliance of free peoples, united to affirm their values and defend their interests, resolves to submission.’ Submission it is. The new 15% tariffs agreed by the EU more than triple the existing 4.8% tariff system. You can use fancy words like the deal is asymmetric or just put it more plainly and say someone is going to indulge in a TACO fest. Somehow, the Germans and the Italians are happy with getting the raw end of a deal and only the French are making noise. From history, sadly, that’s all it amounts to, some whimpering noises but they have accepted the deal.
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