US EditionEU pushes for reduced US autos tariff from August 1 as joint text limits exemptions
The pact reduces EU tariffs on U.S. industrial goods and cuts auto tariffs from 27.5% to 15%, fostering trade and economic security commitments between the U.S. and EU.
- The U.S. and European Union issued a political, non-binding joint statement committing to lower most-favored-nation tariffs on select European products, boosting export predictability for EU exporters.
- After months of negotiation, President Donald Trump and European Commission President Ursula von der Leyen announced the framework at Turnberry, Scotland on July 27, and Trump praised it as `a big deal` at an Aug. 18 White House meeting.
- The joint statement spelled out intentions to address steel and aluminum overcapacity and to work on tariff rate quota solutions for secure supply chains.
- Beyond tariffs, the statement ties market access to the European Union opening its $20 Trillion market but leaves unanswered how it will meet the $600 billion investment pledge and $750 billion in U.S. energy purchases through 2028.
- Officials expect implementation to follow a legislative trigger for tariff reductions, with EU trade chief Maros Sefcovic aiming for proposals by the end of the month for an August 1 effect date for car tariff reduction.
17 Articles
17 Articles
EU and USA agree on declaration on trade deal +++ US tariffs on cars will be reduced to 15 percent from 1 August +++ German surplus in trade with the USA breaks down +++ all news in live blog
EU pushes for reduced US autos tariff from August 1 as joint text limits exemptions
The European Union will work to ensure lower U.S. tariffs on its car exports are applied retroactively to August 1, the bloc's trade chief said on Thursday, as the transatlantic partners set out details of a framework trade deal struck in July.
EU pushes to secure lower US car tariff from August 1
The European Union will strive to ensure lower US tariffs apply to its car exports retroactively, EU trade chief Maros Sefcovic said on Thursday, August 21, as the transatlantic partners set out details of their framework trade deal struck in July. In a 3-1/2-page joint statement, the two sides spelled out that 15% US tariffs would apply to most EU imports and listed the commitments made, including the EU’s pledge to eliminate tariffs on US indu…
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