According to a joint statement announced by the Trump administration and the European Union on Thursday, the US will impose 15% tariffs on imports of European cars, pharmaceuticals and other products.
Treaty 27-Settlement also asks to eliminate tariffs on all American industrial exports for the European Union and offer preferred terms for some seafood and agricultural products, while the US will reduce tariffs accordingly.
The US promised the European Union to limit additional legislative functions, to limit import duties on most European goods, including cars, dugs semiconductors.
The agreement includes $ 750 billion in energy procurement and $ 600 billion in European Union investment by 2028.
The White House and the European Union said in a joint statement, “This framework agreement represents a concrete performance of fair, balanced and mutually beneficial trade and our commitment to investment.” “This framework agreement will put our trade and investment relations – one of the largest in the world – will reinforce a solid rung and redistribution of our economies.”
In July, President Donald Trump and European Commission President Ursula von Der Leyen summed up in Trump’s Turnberry Golf Course in Scotland and announced a comprehensive business deal, which put 15% tariffs on most European goods, if the 30% rate of Trump was closed if no deal reached 1 August.
The European Union’s Trade Commissioner Maros Sefkovic said, “This is a serious, strategic deal – and we are completely behind it. A wide range of areas, including strategic industries such as cars, pharmaceuticals, semiconductors and wood, stand for profit.”
Together, the US and European Union accounts for 44% of the global economy.
This is a developing story and will be updated.
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