Asuncion, Paraguay ¨C South American and European Union officials on Saturday signed a major trade deal, which they hailed as sending a powerful message at a time of tariff threats, global uncertainty and protectionism.
The deal between the 27-nation European Union and Mercosur bloc members Brazil, Argentina, Uruguay and Paraguay creates one of the world¡¯s largest free trade areas after 25 years of tricky negotiations.
It was given fresh impetus amid the sweeping use of tariffs and trade threats by U.S. President Donald Trump¡¯s administration, which has sent countries scrambling for new partnerships.
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