Overview

• Washington will reduce car duties to 15 percent once Brussels starts the legislative process to scrap tariffs on US industrial goods and ease entry for selected agricultural products.
• Most EU imports to the US face a 15 percent baseline, while 50 percent surcharges on steel and aluminium stay in place after being expanded this week to products containing those metals.
• The text is non‑binding and includes EU political pledges to buy up to $750 billion in US energy and to channel about $600 billion in future investment.
• No breakthrough was achieved for wine, beer and spirits, which remain at the 15 percent baseline, while separate provisions cap pharma duties at 15 percent and cut tariffs on generics, aircraft parts, cork and some chemical inputs.
• EU Trade Commissioner Maroš Šefčovič said the Commission aims to launch the required legislation in August, as industry groups warn of continued uncertainty and an asymmetric outcome.