FIRST AIRED: July 27, 2017

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Transcript

00:00:01
>> US President Donald Trump's decision to kill or renegotiate his country's role in several major trade deals, is being seen as a welcome gift by the European Union, who's looking to catch old trade partners of the States now dumped by the White House. And as diplomatic correspondent Robin Emmet explains from Brussels, the EU wants to make their own rules for their new relationships.
00:00:24
>> The EU goal has always been to sign free trade agreements with as many countries as it could. And the problem was that many countries were also looking to the United States at the same time. When Trump who made the promise on the campaign trail to put out the t Trans-Pacific Partnership actually did so on his first day in office.
00:00:43
It really opened the way for the European Union to start doing these deals. The real price for the EU is to join all these countries together under a trade alliance. So you have Canada, on top of that Japan, possibly Australia, New Zealand increasingly prosperous Asian nations, and then Mexico and Brazil.
00:01:03
>> Import tariffs are generally low between developed countries so instead, negotiators are focusing on common standards for products and services. This means countries don't have to tailor for different exports. For example, after Trump left the Trans-Pacific Partnership, Japan agreed to use the European Union standards for auto safety in the future.
00:01:24
But it even sets the rules on mundane products, what defines feta cheese? For new EU partner Canada, the answer now is only cheese from Greece.>> The mood among EU diplomats is obviously one of celebration, but it's a very quiet celebration, and they can't quite believe their luck.
00:01:42
Having said that, everyone recognizes that trade negotiations are excruciatingly slow and it will be sometime before a lot of these deals get done.>> President Trump say his strategy puts the good of America first. The next few years will determine whose strategy approves more lucrative.