Overview

• The Commerce Department and USTR published a Federal Register notice that confirms a 15% rate for EU autos and parts.
• The notice lists hundreds of EU exemptions, including aircraft and aircraft parts, generic pharmaceuticals, and certain metals and natural resources.
• The EU tariff change is tied to EU steps to drop duties on U.S. manufactured goods and to expand access for some U.S. agricultural and seafood products.
• Japan has already been under the 15% auto tariff since September 16 following its bilateral accord with Washington.
• South Korea remains at a 25% auto tariff as follow-up talks over legal implementation and a $350 billion investment pledge continue.