The EU and U.S. have issued a Joint Statement creating a framework for fair, balanced, and mutually beneficial trade and investment, building on the July 27 political agreement between President Ursula von der Leyen and President Donald Trump. The deal restores stability and predictability in transatlantic trade, benefiting businesses and citizens on both sides.
Key elements include:
- A 15% maximum tariff ceiling on most EU exports to the U.S., including cars, pharmaceuticals, semiconductors, and lumber.
- Special tariff treatment (MFN rates only) for certain sectors such as cork, aircraft, and generic pharmaceuticals, effective September 1.
- Joint work on addressing steel and aluminium overcapacity and securing supply chains.
While the EU maintains that high tariffs hurt the global economy, the agreement prevents escalation, safeguards a €1.6 trillion annual economic relationship, and protects millions of EU jobs. President von der Leyen hailed the deal as a step forward for citizens, industry, and transatlantic cooperation, with further tariff reductions and areas of collaboration to come.
Please see full here: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_1973
and: https://apnews.com/article/us-eu-trade-trump-von-der-leyen-f49188375527cac6a4d458b49f641bab
