WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after President Trump announced a new trade deal with the European Union (EU) that will result in the 27-country bloc purchasing $750 billion in American energy and investing an additional $600 billion in the U.S. economy by the end of 2028, while eliminating tariffs on many key U.S. exports.
“President Trump is delivering on his promise of putting America first, and nowhere better do we see it than in the EU agreeing to purchase $750 billion worth of American energy products, increasing investment in the U.S. economy by $600 billion, and eliminating tariffs on all U.S. industrial products while also lowering tariffs on agricultural products. Demanding fairness and reciprocity from our largest combined trade and investment partner is just common sense. Yet for four years, President Biden and Democrats failed to stand up for American interest in Europe nor open new pathways for American made good and products to reach their markets. With a massive $1.5 trillion two-way trade relationship in goods and services between the U.S. and EU, we must ensure that American farmers, energy producers, and manufacturers are getting a fair deal. The EU has agreed to further open its market to several key U.S. agricultural goods, including tree nuts, dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat. This is a welcome step forward, and I will continue to work with President Trump to build on this win – insisting on both full implementation of the current deal and additional commitments to address unfair tariffs and non-tariff barriers that harm Americans, including those affecting agriculture and digital trade. With tariff revenues surging to a record $150 billion, Washington’s conventional wisdom has been proven wrong once again – a strong trade policy is delivering for American workers, businesses, and our nation’s fiscal outlook.”