The European Union reached a major trade agreement on Friday with four South American countriesmasaya game, concluding a long-delayed negotiation that took on new urgency as President-elect Donald J. Trump threatened to impose tariffs on some of the world’s largest economies.
The deal, between the European Union and members of Mercosur — a bloc that includes Argentina, Brazil, Paraguay and Uruguay — would establish one of the largest trade zones in the world and would be the European Union’s biggest trade agreement ever.
With European leaders preparing for the possibility that Mr. Trump’s return to office will lead to a more fragmented global economy, the deal is a significant victory for proponents of free trade, linking markets with more than 700 million people. But it could fuel frustration within the European bloc, with France, the biggest critic of the deal, opposed to the agreement over concerns about the possible dumping of cheap agricultural imports in Europe, which could hurt its farmers.
If ratified by European Union member states and the European Parliament, the agreement would lift tariffs on products including meat, cars, wine and chocolate. Despite France’s strong opposition to the agreement, Paris does not appear to have persuaded enough other European countries to vote against it, although it signaled it would still lobby to block it. A date for the ratification vote has not yet been set.
Here’s what you need to know:What’s in the trade deal?It is a boon for European carmakers and others.France opposes the deal out of concern for farmers.What’s in the trade deal?With Mr. Trump’s election, Europe is facing the threat of high tariffs on exports to the United States, its biggest trading partner, and increased competition from China. Mr. Trump has suggested that he would impose tariffs of 10 to 20 percent on products around the world and tariffs of 60 percent or more on Chinese goods.
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