Overview

• Most EU exports to the U.S. are now subject to a 15% tariff ceiling agreed under the July framework deal
• Wine and spirits, which had traded tariff-free since 1997, will be captured by the new ceiling pending exemption talks this autumn
• A key joint statement to legally formalise the political accord remains under negotiation in Brussels and Washington
• The European Commission has pledged to suspend €93 billion in retaliatory tariffs due on August 7 if the U.S. upholds its 15% commitments
• Industry groups on both sides are lobbying for sector-specific carve-outs to restore zero-for-zero tariffs on wine and spirits