The European Union has little to gain from the new trade deal with the United States, with Germany likely to be the biggest loser. Sergi Basco, associate professor of economics at the University of Barcelona, recently told Xinhua.
According to Basco. "the only positive outcome for Europe" that the tariff the US will impose on EU goods will have a base rate of 15 percent - "instead of 30 percent, it's at least 15 percent."
At the same time, he pointed out that Germany was likely to "lose the most"as it is the largest exporter from the EU to the US.
The duties imposed, according to him "likely to lead to a decline in German car sales in the US market" and will also damage the Spanish car industry, "because many of the vehicles Germany sells contain components made in Spain."
Basco criticised European leaders for taking a "too weak" approach to the deal and reminded that the EU has tools at its disposal to counter US pressure.
He said he was not sure whether the negotiations were complicated by the many different voices within the EU, but he found their response "insufficient."
At the same time, he warned that it was "important" to note that this was an "imprecisely binding agreement", as the European Commission also said, stressing that both sides "will continue to negotiate in accordance with their internal procedures in order to fully implement the political agreement."
Basco also recalled that European Commission President Ursula von der Leyen had described the agreement as a "framework", adding that it would have to be approved by all 27 EU member states, whose ambassadors are due to meet on Monday.
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