The European Union and South American Mercosur bloc signed a free trade agreement after 25 years of negotiations, calling it a strategic counterweight to Washington’s tariff push. The pact would create one of the world’s largest free trade zones, with 700 million consumers and about 20% of global GDP, removing tariffs on 90% of bilateral trade. It faces pushback from European farmers worried about South American imports, and is expected to take effect later this year if all members ratify it.
