Overview
- The Japan agreement cuts auto and other import tariffs to 15% in exchange for a $550 billion investment pledge and leaves 50% steel and aluminum duties in place.
- U.S. and EU negotiators are closing in on a comparable pact that would impose a 15% baseline tariff on European imports with carve-outs for sectors such as aircraft, medical devices and spirits.
- European Commission officials have prepared a single €93 billion counter-tariff package by merging an approved €21 billion list with a proposed €72 billion list for swift approval.
- EU diplomats say member states are poised to activate the bloc’s Anti-Coercion Instrument as a deterrent if talks fail to deliver a deal by the August 1 deadline.
- The American Automotive Policy Council, representing Ford, GM and Stellantis, warned that lower Japanese tariffs undermine U.S. automakers and risk domestic job losses.