Withdrawing EU tariff retaliation plan ‘a mistake': former EU Trade Commissioner

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• 00:00

  Hello and welcome to World Business Report from the BBC World Service.

• 00:03

  I'm Sam Fenwick.

• 00:04

  Coming up today, the US and the EU have struck a last minute trade deal.

• 00:09

  But is it fair?

• 00:10

  European exports face new tariffs while US goods entering the European area will be tariff free.

• 00:18

  We'll hear from a former EU trade commissioner who says Brussels have got the deal wrong.

• 00:24

  And as England's lionesses are crowned European football champions for a second time.

• 00:32

  We look at the unstoppable rise of women's football around the world.

• 00:40

  First then, the EU and the US have reached a last-minute trade deal, avoiding steep new tariffs.

• 00:48

  Instead, they've agreed a 15% rate, better than the 30% the US had threatened,

• 00:54

  but well above last year's average US import tariff of just 2.5%.

• 01:00

  The agreement brings some clarity for European exporters of cars, chemicals and aircrafts,

• 01:06

  but it falls short of the EU's original push for zero tariffs.

• 01:11

  Now, in return, the EU will open its markets to the US exports at zero tariffs.

• 01:19

  The EU trade commissioner Marosz Szefkowski Shevkovic said on Monday that this is a good deal.

• 01:26

  The world which was there before the second of April is gone and we simply need to adjust.

• 01:34

  We need to address the challenges which are coming from this from this new approach and I believe that the strategic cooperation with our strategic partner is better outcome that all out trade war.

• 02:08

  He went on to say that the deal represents the start of a whole new positive relationship between the US and the EU.

• 02:19

  It's about Ukraine.

• 02:21

  It's about current geopolitical volatility.

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