Atanas Pekanov: The trade deal with the US is humiliating and bad for Europe

Former Deputy Prime Minister for Management of European Funds Atanas Pekanov described the trade deal negotiated between the European Commission and the US as "humiliating and shameful". In his post on social networks, he stated that with this agreement, EC President Ursula von der Leyen practically legitimizes the unilateral violation of international law.

According to Pekanov, the deal tramples on decades of established rules in international trade. "The European Commission accepts that a country has the right to unilaterally destroy international law," he writes, adding that Europe has agreed to impose 15% tariffs on its products, without receiving "absolutely nothing in return".

Pekanov emphasizes that ultimately these tariffs will be paid by American citizens in the form of higher prices.

The former deputy prime minister points out that the agreement comes after a series of serious concessions from Europe. As an example, he points to the G7's decision to exclude American companies from the global reform to introduce a minimum corporate tax of 15%, which has been negotiated for years at the OECD level. Another compromise, he says, is the European Commission's refusal to include the so-called "tax on digital concerns" in the new EU budget. "It could have generated significant revenue and has been discussed for years," Pekanov notes, adding that instead a new tax is now being proposed, targeting European companies.

In exchange for these concessions, he says, Europe has accepted "not the biggest, but the worst possible deal." He also expresses skepticism about promises to purchase huge amounts of American energy supplies and weapons, believing the announced amounts to be unrealistic.

Pekanov argues that the deal will not lead to catastrophic economic consequences. The main effect will be that American consumers will pay more for European goods, and European companies will have to look for new markets. The real harm, he says, is systemic. "The deal dismantles and degrades the current order of international trade to sham negotiations," he writes.

In his commentary, Pekanov also touches on domestic politics, noting that at such times there is a need for "legitimate sovereignist political forces in Europe." He criticized the Vazrazhdane party for "constantly wandering between whether it prefers to become a satellite of Russia or to curry favor with the Republican Party in the US".

In conclusion, Atanas Pekanov stated that Europe should have shown the character of a strong international player, instead of concluding "inadequate and painful deals by force".

"When the laws of the jungle are at play, you have to prepare yourself and be strong. Otherwise, you simply have to accept your fate, as you do now", he concluded, warning that the deal damages the legitimacy of the European institutions and their claim that they always fight for the interests of citizens.