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1h ago

U.S. and EU Publish Trade Framework With 15% U.S. Tariff, EU to Scrap Industrial Duties

The newly published framework details tariff levels, purchase pledges, investment targets, pending EU legislation.

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Overview

  • The joint statement confirms a framework on reciprocal, fair, and balanced trade that formalizes terms first announced in July.
  • The EU will eliminate tariffs on all U.S. industrial goods and extend preferential access for selected agricultural and seafood products.
  • The U.S. will retain a 15% tariff on most European goods, including pharmaceuticals, semiconductors, and lumber, with drug tariffs capped at up to 15%.
  • The EU committed to ensure $600 billion in U.S. investment, at least $750 billion in U.S. energy purchases over three years, and at least $40 billion in U.S. AI chips.
  • On autos, both sides intend to mutually recognize standards, and the EU will move to legislate industrial tariff elimination before automobile imports receive the lower rate.