Consumers Need Durable Free Trade, Not Temporary Damage Control
Brussels, 2 June – Following today’s vote and green light in the European Parliament’s Committee on International Trade (INTA), the Consumer Choice Center said the decision regarding the Turnberry deal is a positive step toward somewhat greater certainty in transatlantic trade, which can help shield European consumers from sudden price spikes and supply chain disruption.
The legislation implements tariff commitments under the EU-US Joint Statement and is intended to put transatlantic trade on a more stable footing, including by capping US tariffs on most EU exports at 15 percent.
Zoltán Kész, Government Affairs Manager at the Consumer Choice Center, reacted:
“It is in the best interest of consumers that trade becomes more predictable and less politicized.”
“Today’s vote helps reduce the risk of abrupt tariff escalation that can automatically lead directly to higher prices, fewer choices, and uncertainty for households and businesses across the European Union.”
At the same time, the Consumer Choice Center believes the broader compromise can go even further in promoting reciprocal transatlantic ties and rejecting protectionist measures.
“While short-term tactical maneuvers might be politically beneficial, they risk undermining the long-term transatlantic cooperation that has guaranteed peace and prosperity on both sides of the ocean. ” Kész concluded. “The US runs a 100 billion dollar surplus in service exports with the EU, and the EU provides critical minerals that the US needs for its energy and tech sectors. Losing that collaboration would only be a loss for American and European consumers alike and a gain for illiberal regimes worldwide.”