ReturnThe White House today announced that the United States has reached a trade deal with the European Union (EU).
According to the White House fact sheet, the trade agreement includes the elimination of EU tariffs on U.S. industrial goods, and the EU will also pay a 15% tariff on certain U.S. goods, including autos and pharmaceuticals, while maintaining existing tariffs on steel, aluminum, and copper. The deal aims to close the trade imbalance between the United States and EU by encouraging local sourcing and reshoring production.
The president of the EC issued a statement confirming the single 15% tariff rate for most EU exports and zero-for-zero tariffs on strategic products such as aircraft, chemicals, and semiconductor equipment. The agreement provides a framework for further reducing tariffs and addressing non-tariff barriers.
The agreement also addresses digital trade barriers and maintains zero customs duties on electronic transmissions.
