EU-US TTIP trade deal 'effectively dead'
Brexiters say collapse of Transatlantic Trade and Investment Partnership could benefit the UK
The EU's contentious trade deal with the US has "collapsed" after three years of talks, according to Germany's economy minister Sigmar Gabriel.
Speaking at the weekend, Gabriel claimed disagreements between the European Union and the US have killed off the Transatlantic Trade and Investment Partnership (TTIP), which would have been the largest bilateral free trade agreement ever.
"The talks with the US have de facto failed because we Europeans of course must not succumb to American demands. Nothing is moving forward," Gabriel said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The UK had been a major advocate of TTIP, but since it voted to leave the EU, opposition to the deal has grown on both sides of the Atlantic.
French President Francois Hollande objected to plans to open up Europe's farming and film markets to more US competition, while protesters in Germany claimed the deal would undermine labour and environmental standards.
In the US, both Donald Trump and Hillary Clinton have hardened their position on free trade deals, promising to pull out of the Trans-Pacific Partnership, a similar deal to cut barriers to trade with east Asian nations.
In Britain, the failure of TTIP "may strengthen the Brexiteers' argument that the UK will be more nimble on its own, as it will not have to co-ordinate 27 EU countries' individual desires into one combined EU effort", says the Daily Telegraph.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The history of Donald Trump's election conspiracy theories
The Explainer How the 2024 Republican nominee has consistently stoked baseless fears of a stolen election
By David Faris Published
-
Two ancient cities have been discovered along the Silk Road
Under the radar The discovery changed what was known about the old trade route
By Devika Rao, The Week US Published
-
'People shouldn't have to share the road with impaired drivers'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right now
Speed Read Britain is currently in the grip of an ‘employment crisis’
By The Week Staff Published
-
Will the energy war hurt Europe more than Russia?
Speed Read European Commission proposes a total ban on Russian oil
By The Week Staff Published
-
Will Elon Musk manage to take over Twitter?
Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
By The Week Staff Last updated
-
Shoppers urged not to buy into dodgy Black Friday deals
Speed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
By The Week Staff Published
-
Ryanair: readying for departure from London
Speed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
By The Week Staff Published
-
Out of fashion: Asos ‘curse’ has struck again
Speed Read Share price tumbles following the departure of CEO Nick Beighton
By The Week Staff Published
-
Universal Music’s blockbuster listing: don’t stop me now…
Speed Read Investors are betting heavily that the ‘boom in music streaming’, which has transformed Universal’s fortunes, ‘still has a long way to go’
By The Week Staff Published
-
EasyJet/Wizz: battle for air supremacy
Speed Read ‘Wizz’s cheeky takeover bid will have come as a blow to the corporate ego’
By The Week Staff Published