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7h ago

EU Moves to Scrap Tariffs on U.S. Industrial Goods as U.S. Caps Auto Duties at 15%

EU institutions now weigh a package built to implement the joint declaration with a safeguard allowing Brussels to suspend concessions if the balance breaks.

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Overview

  • The European Commission proposed two measures eliminating EU duties on all U.S. industrial products, opening quotas for selected non‑sensitive farm and fish goods, and extending duty‑free status to processed lobster with retroactive refunds available to importers.
  • Under the deal, U.S. tariffs on European cars and parts are capped at 15% retroactive to August 1, a change the Commission says will save EU exporters more than €500 million in August.
  • The proposals require approval by the European Parliament and the Council and include a suspension clause empowering the EU to revoke concessions if U.S. commitments lapse or market conditions change.
  • Commission estimates point to several billion euros in foregone customs revenue, including about €4.6 billion on industrial goods and a €3.4 billion net impact on the EU budget.
  • Automakers welcomed the tariff cap as vital for competitiveness, farm groups warned of losses for wine and cheeses, and Italy lodged a protest over reports that some U.S. customs offices misapplied a 30% duty to Parmigiano Reggiano and Grana Padano.