"EU Expects Lower Tariffs on Cars, etc. in Exchange for Accepting US 10% Tariff"
Summary
- The European Union (EU) is reportedly prepared to accept a 10% US tariff in hopes of securing exemptions from additional tariff increases on cars, pharmaceuticals, and electronics.
- The EU stated that it is considering lowering import tariffs on US vehicles and reviewing possible changes to technical or legal barriers related to car sales.
- EU's proposal to ban Russian natural gas purchases could lead to increased demand for US natural gas.
German media reports on the EU's trade proposal to the United States
"Includes reduced tariffs on US cars and ban on Russian natural gas purchases"
A German media outlet reported that the European Union (EU) is prepared to accept a 10% tariff imposed by the United States on all EU products, and in return expects an exemption from additional tariff hikes on car, pharmaceutical, and electronic exports.
On the 16th (local time), Reuters cited Germany's Handelsblatt newspaper, which reported—quoting senior EU negotiators—that such an offer to the US would be made only under specific conditions.
Handelsblatt also reported that the EU will lower import tariffs on US-made vehicles and may revise technical or legal requirements to facilitate the sale of US cars in Europe.
The EU also proposed a complete ban on purchasing Russian natural gas. This could potentially increase demand for US natural gas.
However, the newspaper added that the US negotiating team has not yet agreed to limit import tariffs on EU cars to 10%.
By Jung-Ah Kim, contributing reporter kja@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
