The EU and US are close to finalizing a trade agreement that imposes a 15 percent tariff on most EU exports to avoid a trade war but could adversely affect key industries. The European Commission briefed member states about the deal mirroring US-Japan terms, with potential exemptions for certain products. The EU proposed cutting its average tariff to zero on selected items. The German car industry faces significant impacts with the new tariff rate. Countermeasures are being prepared by Brussels in the event the deal is rejected by the US.
The proposed US-EU trade agreement would impose 15 percent tariffs on most EU exports, aimed at preventing a wider trade war while impacting key European industries.
The EU has proposed to reduce its average tariff rate from 4.8 percent to zero for selected products in an effort to soften the impact of the new tariffs.
The German car industry would be adversely affected, facing a 15 percent tariff, significantly higher than the 2.75 percent duty before the recent political shifts.
Brussels is readying a package of retaliatory measures, which could include €93 billion in tariffs on a variety of US goods if the deal is not approved.
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