When the U.S. and European Union (EU) announced a major trade deal Sunday, headlines focused on the geopolitical implications, tariff ceilings and diplomatic coordination. But behind the official smiles and celebratory press releases, a quieter story is unfolding—one that involves the small and medium-sized businesses that make up the economic backbone of the EU.
These firms, which account for 99 percent of EU non-financial companies and around two-thirds of employment across the bloc, were largely absent from the negotiating table. And now, they are poised to absorb a disproportionate share of the costs from the new agreement.
