Today, European Union (E.U.) trade chief Maros Sefcovic announced that the E.U. is lobbying for lower U.S. tariffs on its car exports retroactively, as the transatlantic partners finalize details for a trade deal that was made back in July.
In a joint statement, both parties acknowledged that 15% U.S. tariffs would apply to most E.U. imports with special rates for certain sectors, while the E.U. vows to eliminate tariffs on U.S. industrial goods and allow preferential market access for a variety of U.S. seafood and agricultural goods. Additionally, the Trump Administration will take steps to reduce 27.5% U.S. tariffs on cars and car parts from Europe.
Both parties expect to reach an agreement over the next few weeks. This agreement will provide relief for both sides—building a stronger trade relationship between the European Union and the United Sates.
SOURCE: Reuters
