South American bloc to ink long-awaited trade deal with EU

The long-awaited agreement comes amid the sweeping use of tariffs and trade threats by US President Donald Trump's administration, which has sent countries scrambling for new partnerships. Together, the EU and Mercosur account for 30 percent of global GDP and more than 700 million consumers. The treaty eliminates tariffs on more than 90 percent of bilateral trade. The deal will favor European exports of cars, wine and cheese, while making it easier for South American beef, poultry, sugar, rice, honey and soybeans to enter Europe.