Mercosur, the South American customs union, has struck a trade deal with the EU. FOMO was the motive behind it
Though 9% of Mercosur’s tariff lines, and 5% of the’s, will remain above zero, a “standstill” clause commits the members not to raise any of the tariffs above an agreed rate. In effect thehas insured itself against the South American countries swinging back towards their habitual protectionism. But there was no talk of backsliding as the deal was announced. Brazil’s government called it a “bridging agreement”, intended to facilitate further agreements with other countries.
Hunger for a slice of Europe’s agricultural market drove Mercosur’s negotiators towards agreement. Extra quotas of beef, dairy or pork are also alluring for America, which is negotiating with theis insisting that they are off the table. However good it feels to stand up to Mr Trump, free trade is still a hard sell.section of the print edition under the headline
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