End of July European Commission President Ursula von der Leyen and U.S. President Donald Trump managed to finalise the framework of a deal that set import tariffs to 15% for most imports from the EU. This rate is valid also for the car sector, which was up till now subject to 27,5 % import duties. Steel and aluminium imports will however still face a 50% U.S. tariff. For a number of strategic products, including aircraft, certain chemicals and certain agricultural products zero-for-zero tariffs were agreed. The agreement provides possibilities for further reducement of tariffs on more products and foresees the cooperation in economic security.
As a part of the deal the EU would also purchase U.S. energy exports in the value of 250 billions Euros yearly and in such a way minimize or totally stop buying energy sources from Russia.
The first coming reactions from the EU are positive, since the concluded trade negotiations prevented a trade war and brought stability and predictability to companies on both sides of the Atlantic.
The negotiations about tariffs between the two parties were taking place for more than three months on technical and political level. In the mid of July Trump threatened Europe with 30% tariffs, while in April he announced 20% rates. The new deal should have been valid from August 1, however the U.S. postponed its validity to August 7 due to administrative reasons.
