A joint EU-US framework trade deal will impose a 15% US tariff on about 70% of EU exports. A wide range of sectors, including cars, pharmaceuticals, semiconductors, and lumber, will be affected. The agreement includes an expectation that the European Union will purchase $750 billion worth of US liquified natural gas, oil, and nuclear energy products through 2028. The 15% tariff is lower than a previously threatened 30% but higher than the preexisting 2.5% rate. US tariffs on EU cars would fall from 27.5% to 15% once the EU enacts legislative changes and reduces restrictions on certain US industrial goods and processed food imports.
European Union trade commissioner Maros Sefcovic on Thursday presented a joint EU-US statement outlining a framework trade deal under which some 70% of EU exports face a 15% tariff. "This is a serious, strategic deal, and we are fully behind it. A wide range of sectors, including strategic industries such as cars, pharmaceuticals, semiconductors, and lumber, stand to benefit," Sefcovic told a press conference in Brussels.
The 15% tariff rate could be seen as minor in comparison to the the 30% US President Donald Trump had previously threatened. However, it is still six times higher than the 2.5% that had been in place before Trump returned to the White House in January. The deal also says European Union is expected to purchase $750 billion (646 million) worth of US liquified natural gas, oil, and nuclear energy products through 2028.
As of now, the US tariff rate for EU cars imported into the US is 27.5%. The US has said it will lower the tariffs on EU cars to 15% after the EU begins a legislative process to facilitate imports of certain US goods. This will include removing EU tariffs on US industrial goods in addition to dismantling barriers to some food imports.
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