US Edition
EU pushes for reduced US autos tariff from August 1 as joint text limits exemptions
The agreement sets a 15% maximum tariff on EU car exports to the US retroactive to August 1, easing previous 27.5% tariffs and benefiting key sectors including pharmaceuticals and semiconductors.
- 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.
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18 Articles
This EU-USA trade deal is strong, even if it's not perfect
Every day, more than €4.6 billion worth of goods and services cross the Atlantic. With €1.68 trillion in total annual trade, the European Union and the United States share the most consequential economic relationship in the world. That is why the agreement reached last month matters. A lot has been written about the deal. Things...
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.
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