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3d ago

EU and U.S. Move to Solidify 15% Tariff Cap Despite Textual Disputes

Brussels will pause its retaliatory duties for six months from August 4 pending publication of a joint declaration on a binding tariff agreement.

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Overview

  • The political framework agreed July 27 caps U.S. tariffs on most EU exports at 15% but remains non-binding until technical negotiations and domestic approvals are complete.
  • EU and U.S. summary notes differ on key sectors including chips, pharmaceuticals, steel and aluminum quotas, and digital taxation, underscoring unresolved ambiguities.
  • Brussels will suspend planned counter-tariffs for an initial six months from August 4 with the option to shorten the suspension if no deal is finalized.
  • Negotiators aim to publish a joint declaration by Friday to outline legally enforceable commitments and pave the way for ratification by both sides.
  • The agreement includes plans for the EU to invest €600 billion in U.S. projects and purchase $750 billion in American energy over three years to balance the tariff ceiling.