Europe 'capitulated' in US tariff deal, says Ibec CEO

CEO of Ibec Danny McCoy criticized the EU-US trade tariffs deal, calling it a capitulation by Europe. The agreement involves taxing EU exports at 15% to resolve a tariff stand-off. The deal followed a meeting between European Commission President Ursula von der Leyen and US President Donald Trump.

Mr McCoy stated that the deal is punishing for the EU, describing it as a tragic situation where Europe has surrendered. He highlighted concerns about the impact on businesses and the need to explore new markets to avoid losses.

Under the deal, the EU committed to purchasing US military equipment and European companies investing $600 billion in the US during President Trump's second term. There are worries about the implications for Ireland, especially with the UK facing a lower tariff rate of 10% when exporting goods to the US.

Minister for Enterprise Peter Burke emphasized that the deal provides clarity and prevents a potential trade war with high tariffs on EU goods. He stressed the importance of understanding the specifics of the deal, particularly in sectors like pharmaceuticals, to support innovation and competitiveness.

According to the source: RTE.ie.