EU and US Strike Landmark Trade Deal on Car Tariffs
The European Union seeks to apply lower U.S. tariffs on its car exports retroactively following a new trade deal with the U.S. The agreement reduces tariffs on European cars once the EU introduces new legislation. Both sides are eager to implement the changes quickly.
The European Union is pushing for retroactive application of lower U.S. tariffs on its car exports, EU trade chief Maros Sefcovic announced on Thursday. This development follows the transatlantic partners' recently established trade agreement, which outlines comprehensive steps to alleviate tariff burdens on both sides.
The agreement, announced by U.S. President Donald Trump and European Commission President Ursula von der Leyen in July, details the reduction of existing 27.5% U.S. tariffs on European cars once the EU implements necessary legislation. According to Sefcovic, this could see U.S. tariff concessions taking effect as early as August 1.
In addition to auto tariffs, the joint statement outlined plans for the EU to procure significant quantities of U.S. energy products and addressed other sectors for future inclusions. The pact also emphasized resolving digital trade barriers and securing cooperative strategies for steel and aluminum markets.
(With inputs from agencies.)
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