Turnberry trade agreement
Coverage of Turnberry trade agreement in the Nexus archive.
- Germany’s Merz says EU budget needs cut of ‘several hundred billion’ euros
German Chancellor Friedrich Merz criticized the European Commission’s €2 trillion EU budget proposal as 'unacceptable' and demanded cuts of 'several hundred billion' euros. He also opposed plans to add 2,500 new EU jobs, while Ireland faces pressure to balance Germany’s austerity demands with support from countries like Italy and Spain for a larger budget.
- EU sieht sich von Trumps neuen Generika-Zöllen nicht betroffen
The European Commission states that EU generic drugs are likely excluded from Trump's proposed 100% tariffs due to the 2025 Turnberry trade agreement, which mandates a 0% duty via the Most-Favored-Nation (MFN) clause. Trump's plan to impose tariffs on generics from 2028 aims to revive U.S. pharmaceutical production, but EU officials emphasize the agreement protects EU exports. The EU warns of potential retaliatory measures if the U.S. violates the accord.