The European Union will try to accelerate legislation before the end of the week to eliminate all tariffs on US industrial products, A requirement of President Donald Trump before the United States reduces his tariffs on block exports of the block.
The European Commission, which is responsible for the EU commercial affairs, It will also grant preferential tariff rates to certain fishing and agricultural products, according to people familiar with the matter.
The EU has admitted that the trade agreement reached with Trump favors the United States, but is necessary to give stability and certainty to companies. The president of the commission, Ursula von der Leyen, described it previously as “a solid agreement, although not perfect.”
The measure occurs even when Trump has threatened to impose tariffs and other sanctions on countries that tax online services, without specifying what nations he referred to whether the EU would be included. Trump has been criticizing the EU’s technological and antitrust regulation for a long time on US technological giants, such as Google, Alphabet, and Apple.
EU cars and automobile pieces are currently facing a 27.5% tariff on exports to the US. Although the US and the EU reached a commercial agreement by which US tariffs on almost all European products would be reduced to 15%Trump said that would not apply to cars until legislation was proposed to eliminate industrial and other tariffs.
If the EU proposes the legislation before the end of the month, the 15% tariff on European cars will be applied retroactively from August 1. Automobiles are one of the most important exports of the block to the United States and only Germany will export US $ 34.9 billion in new cars and pieces to the United States in 2024.
The commission will omit the realization of an impact assessment – the usual procedure in these situations – On the proposal in order to advance rapidly, according to the people, who spoke on condition of anonymity.
