EU plan to cut US tariffs - Proposes removal of existing taxes on industrial goods
The European Commission proposed removing tariffs on industrial goods imported from the United States as part of a trade deal with Washington that is expected to include reducing US taxes on European cars.
These proposals represent the first steps in implementing the framework agreement reached on July 27 between US President Donald Trump and European Commission President Ursula von der Leyen. As part of the pact, the EU agreed to a 15% tariff to avoid a trade war that would be damaging to both sides.
The US has agreed to reduce the tariff applied to cars manufactured in the EU from 27.5% to 15%, starting on August 1.
The deal put an end to the conflict between the world's two largest trading partners in goods, but it is one-sided: the EU must reduce its duties and buy more American energy products, while the US has the right to keep tariffs on 70% of European exports. Member state governments have accepted the agreement as the best option to eliminate the 30% tax.
However, the effect of removing tariffs on industrial goods may be small, as two-thirds of these goods are already duty-free. According to the Bruegel economic institute, the EU's average tariff on US goods is just 1.35%, while for cars it is 10%.
The European proposal also includes relief for some American agricultural products: zero tariffs on potatoes, reduced tariffs on tomatoes, and low-tariff quotas for pork and cocoa. But beef, chicken, rice and ethanol are excluded from these reliefs.
The Commission's legal proposal requires approval by a majority of the 27 member states and the European Parliament, a process that could take several weeks.
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