EU to Pass Legislation Abolishing Tariffs on U.S. Industrial Goods by This Weekend
Summary
- The European Union (EU) announced plans to swiftly pass legislation by this weekend to abolish all tariffs on U.S. industrial goods.
- This measure follows a U.S. demand that the EU implement tariff reductions through legislation before the United States imposes a 15% tariff on EU automobiles and auto parts.
- The United States stated that under the agreement with the EU, the final tariff rate on EU pharmaceuticals and semiconductors will not exceed 15%.
Trade Agreement Formalized per EU-U.S. Joint Statement on the 21st
The European Union (EU) is pushing to swiftly pass legislation that would abolish all tariffs on U.S. industrial goods by this weekend.
Bloomberg News reported on the 27th (local time) that the European Union (EU) is seeking to pass the law to eliminate all tariffs on U.S. industrial goods by this weekend. This move comes after President Trump demanded that the EU legally lower tariffs ahead of the United States imposing a 15% tariff on EU automobiles and auto parts.
On the 21st, the United States documented the terms of the trade agreement with the EU through a joint statement. The document stipulates that the United States will ensure the final tariff rate imposed on EU pharmaceuticals and semiconductors does not exceed 15%. It also specifies that the 15% tariff on European automobiles and auto parts will only be implemented once the EU enacts legislation to lower tariffs on U.S. imports.
Kim Jung-ah, Contributing Journalist 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.
