US EditionUS and EU frame the ongoing deal between the trading partners and solidify some commitments
- On Thursday, a joint statement was released by the U.S. and the EU outlining their ongoing trade agreement and reinforcing certain commitments.
- The agreement follows trade tensions that included a threat by the U.S. to impose 30% tariffs on European goods if no deal was reached by August 1.
- The agreement establishes a 15 percent tariff level applied by the U.S. on most imports from Europe, links the details of auto tariffs to EU legislative decisions, and includes mutual reductions in various tariffs by both parties.
- The U.S. and EU together represent 44% of the world’s economy and engage in roughly $2 trillion in trade annually; the deal also tackles issues beyond tariffs, including regulations related to digital commerce and environmental standards.
- The agreement seeks to reinforce the largest bilateral trade partnership, encompassing $750 billion in energy procurement and EU investments totaling $600 billion by the year 2028.
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Europe Swallows 15% U.S. Tariff on Cars and Champagne
European car and pharmaceutical exports to the U.S. will be subjected to a 15% tariff rate, a joint U.S.-EU statement detailing their trade deal showed on Thursday. The same rate will apply to wine and spirits, after Brussels failed to secure an exemption for its cherished industry, the European Commission said. “This is a serious, strategic deal—and we are fully behind it. A wide range of sectors, including strategic industries such as cars, ph…
The US will maintain a 27.5 percent tariff on European Union cars until the EU enacts legislation that reduces tariffs on a range of US goods.
·Estonia
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Coverage Details
Total News Sources75
Leaning Left15Leaning Right9Center23Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 32%
C 49%
R 19%
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