- EU intends to eliminate tariffs on all US industrial goods, provide preferential market access for US seafood and agricultural goods
- EU intends to procure $750 billion in US LNG, oil and nuclear energy products
- Reaffirms intention for EU firms to invest additional $600 billion across US strategic sectors through 2028
- US to levy 15% tariffs on most EU imports, including autos, pharmaceuticals, semiconductor chips
- US will act to lower tariffs on autos, auto parts when EU introduces legislation to enact tariff reductions
Reuters reports that a senior administration official is saying that the relief on autos could be seen in “hopefully weeks”. That so long as the legislation to enact tariff reductions is “introduced; not passing or fully implementing, just introducing”. In any case, best be reminded that all of this is just a framework agreement and not a full on trade deal. This is put in place so that both sides can work towards a firm deal/agreement to be settled in the months ahead.
This article was written by Justin Low at investinglive.com.
