EU-US/ 15% comprehensive tariff on European goods!
The joint statement, which comes nearly a month after the trade deal, is being described as a "first step" by the EU, which hopes to secure more tariff exemptions.
Brussels and Washington on Thursday issued the long-awaited joint statement signing the trade deal they struck nearly a month ago, confirming that cars, semiconductors and pharmaceuticals will face a maximum tariff of 15% to enter the U.S.
The declaration, which like the agreement struck on July 27 in Scotland between European Commission chief Ursula von der Leyen and US President Donald Trump, is not legally binding, states that the reduction in tariffs on cars "will apply at the same time as the EU begins procedures to reduce tariffs on US products."
A customs duty rate of 27.5% currently still applies to EU cars and car parts. Trade Commissioner Maroš Šefčovič told reporters that the commission's "strong intention" is to present the legislative proposal and start the process before the end of the month. In that case, he added, the 15% rate would apply retroactively from 1 August.
The document also states that from September 1, unavailable natural resources (such as cork), all aircraft and aircraft parts, generic pharmaceuticals and their components, and chemical precursors, will benefit from a special regime, with only normal non-discriminatory tariffs (MFN).
Only MFN tariffs currently apply to pharmaceuticals and semiconductors, with the 15% rate set to kick in only if the US decides to increase duties after the completion of 232 investigations.
Disappointingly for some EU countries, such as France, wines and spirits do not appear to be on the list of exempted products, although a statement from the commission highlights that "both parties agree to continue working ambitiously to extend this regime to other product categories, a key deliverable for the EU".
Šefčovič stressed to reporters that the EU "has been very clear that this is very important to us." No deal appears to have been struck on steel and aluminum either, with the current 50% tariff rate still applying to EU exports.
The statement says only that the two sides "intend" to work together to address global challenges in the sector such as congestion, and to work on "secure supply chains between each other, including through a tariff rate quota solution for EU exports of steel and aluminium, and their derivative products".
A High Commission official, speaking on condition of anonymity, stressed that there is no specific timeline for the two sides to agree on tariff quotas for steel and aluminum. “Of course, we are keen to move forward as quickly as we can,” the official said, adding that quotas are “more difficult to negotiate” because they “involve more variables” than a simple tariff reduction.
Šefčovič, who spent 100 hours negotiating with his American counterparts over the past two months, reiterated that “this is the most favorable trade agreement the US has ever extended to any partner.” He described it as a “first step,” one that “strengthens” economic ties between the two sides “even further” and brings “stability and predictability to our relations, to the things that matter deeply, to our businesses.”
"It also strengthens our broader transatlantic partnership, which is more important than ever in today's complex geopolitical landscape," he added. Von der Leyen and her European Council counterpart, Antonio Costa, both welcomed the joint statement, stressing that it provides "predictability" and "stability." EU ambassadors, briefed earlier on Thursday morning on the content of the joint statement by the Commissioner, had largely positive reactions, according to an EU diplomat.
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