FT News Briefing EU politicians bristle at US trade deal
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Jul 29, 2025 The clash between the UK’s economic leaders over a fintech meeting reveals deep rifts in strategy. EU politicians express displeasure over a new trade deal with the US, worrying about its ambiguous terms and potential harm to their economies. Meanwhile, the US economy continues to thrive despite initial pessimism following Trump’s policies, raising questions about longevity. Additionally, Bain & Co faces backlash as it shuts down its South Africa consulting business due to a corruption scandal, highlighting the challenges in navigating global business ethics.
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UK Bank Leaders at Odds
- Bank of England Governor Andrew Bailey and UK Chancellor Rachel Reeves are in conflict over fintech regulation.
- Bailey halted a meeting that Reeves arranged regarding Revolut's banking license push, reflecting tensions on deregulation.
Contentious EU-US Trade Deal
- The EU-US trade deal reimposes tariffs, mostly 15%, on European imports, reversing previous tariff reductions.
- The deal includes the EU committing to invest $750 billion in US energy and weapons, a symbolic yet substantial pledge.
EU Politicians Condemn Trade Deal
- European politicians strongly criticize the deal, calling it a submission to U.S. demands with high tariffs.
- The EU is perceived to have lost political leverage in the negotiations.