US EditionEU to Scrap Tariffs on US Goods to Pave Way for Lower Car Duties
The EU aims to fast-track legislation to remove tariffs on U.S. industrial goods, enabling a retroactive cut in U.S. tariffs on European cars from 27.5% to 15%, easing trade tensions.
- On Thursday, the European Commission proposed removing tariffs on U.S. industrial goods, prompting U.S. tariffs on European cars to be cut to 15% retroactive to Aug. 1.
- Following the July 27 framework agreement, Brussels rushed to fast-track legislation this week to meet U.S. President Donald Trump's demand and keep automobile exports flowing.
- Procedurally, the European Commission will skip its usual impact assessment to speed a proposal bundling elimination of industrial tariffs with preferential access for U.S. seafood, farm products, and extended duty-free treatment for lobsters.
- The pact requires EU commitments including $750 billion in U.S. energy purchases and $600 billion in investments, expected to aid the European automotive sector and Germany's $34.9 billion auto exports to the U.S. in 2024.
- Politically, the deal may trigger new clashes over digital sovereignty and online-service taxes, as EU governments accept the pact to avoid 30% tariffs imposed by Donald Trump.
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73 Articles
Triumph for Donald Trump! In the tariff conflict with the EU, he seems to have negotiated a top deal for the US.
Channel News Asia
ZawyaEU to scrap tariffs on US goods to pave way for lower car duties
BRUSSELS: The European Commission on Thursday (Aug 28) proposed removing duties on imported US industrial goods in return for reduced US tariffs on European cars, a key part of the trade agre
RTV Slovenija
sta.siIn accordance with the framework trade agreement with Washington, the European Commission has presented a proposal to eliminate or reduce customs duties on imports of industrial goods and certain agricultural products from the US into the EU.
The European Commission has proposed a joint elimination of customs duties on industrial goods imported from the US, as part of a trade agreement aimed at reducing retroactive American prices for European cars, reports Reuters.
The Brussels authority fulfills its part of the deal with the US President and hopes that he will now keep his word and retroactively lower tariffs on European car imports to 15 percent.
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