As has been widely publicised an EU US trade deal on tariffs and trade has been struck on 27th July with a single 15% tariff rate for the vast majority of EU exports and a zero for zero tariff on a number of strategic products. Further details below in the press release.
On 27th July, press release:
“Today's deal creates certainty in uncertain times. It delivers stability and predictability, for citizens and businesses on both sides of the Atlantic. This is a deal between the two largest economies in the world. We trade USD 1.7 trillion per year. Together we are a market of 800 million people. And we are nearly 44% of global GDP. Just a few weeks after the NATO summit, this is the second building block, reaffirming the transatlantic partnership.
Allow me to go into some details. We have stabilised on a single 15% tariff rate for the vast majority of EU exports. This rate applies across most sectors, including cars, semiconductors and pharmaceuticals. This 15% is a clear ceiling. No stacking. All-inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial.
Today we have also agreed on zero-for-zero tariffs on a number of strategic products. This includes all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials. And we will keep working to add more products to this list.
On steel and aluminium, the EU and the US face the common external challenge of global overcapacity. We will work together to ensure fair global competition. And to reduce barriers between us, tariffs will be cut. And a quota system will be put in place.
We will also increase our energy cooperation. Purchases of US energy products will diversify our sources of supply and contribute to Europe's energy security. We will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels.
US AI chips will help power our AI gigafactories and help the US to maintain their technological edge.
Today with this deal, we are creating more predictability for our businesses.”
Full speech at: https://ec.europa.eu/commission/presscorner/detail/de/statement_25_1915
Remarks by Commissioner Šefčovič at the press conference following the Foreign Affairs Council (Trade)
https://ec.europa.eu/commission/presscorner/detail/en/speech_25_1825
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