Italian prime minister welcomes EU-US trade deal

By Ilayda Cakirtekin

ISTANBUL (AA) - Italian Prime Minister Giorgia Meloni on Monday welcomed the recent EU-US trade deal, saying an escalation between Europe and Washington would have had devastating consequences.

Speaking to reporters in the Ethiopian capital Addis Ababa, Meloni said: "I view positively the fact that an agreement has been reached. I have always thought, and continue to think, that a trade escalation between Europe and the United States would have had unpredictable and potentially devastating consequences."

Stressing that the agreement remains a non-binding framework and that the details still need to be studied, Meloni noted there is still room to fight, according to ANSA news agency.

The US and the EU on Sunday reached a trade deal with 15% tariffs, ending months-long uncertainty, US President Donald Trump announced following a meeting with European Commission President Ursula von der Leyen in Scotland.

Earlier, Washington had threatened a tariff rate of 30%.

As part of the deal, the EU will invest $600 billion in the US, while the bloc will purchase $750 billion in US energy and military equipment.