EU Secures 15% Tariff Deal with U.S.: A Fair Trade Resolution?

The European Union has negotiated a 15% tariff agreement for goods entering the United States, a deal notably inclusive without specific exemptions for steel and aluminum, a senior EU official reported. This comes as part of a broader dialogue with Washington, seeking favorable terms amidst complex trade relationships.

Aside from steel and aluminum, all other EU exports, including cars and car parts, will face this 15% rate, with no quotas or limits, marking it a significant milestone compared to agreements with other nations. Pharmaceutical and semiconductor tariffs remain zero, although they could rise depending on outcomes of a U.S. import investigation.

Ongoing discussions aim to finalize a joint statement and definitions for essential goods that could be exempt from tariffs. Additionally, to balance trade, the EU will increase imports of U.S. bison meat. While the agreement is described as the best achievable, EU officials express relief rather than celebration.

(With inputs from agencies.)