The U.S. and EU on Sunday announced a trade agreement, including a 15% tariff rate.
The U.S. and European Union on Sunday announced a trade agreement, including 15% tariffs on EU goods imported to the U.S.
It comes just days ahead of the Aug. 1 deadline which would have seen EU goods be hit with a 30% tariff rate.
However there are concerns that the deal is « unbalanced » and leaves the EU on the backfoot.
After an initial sigh of relief at the U.S. and European Union avoiding further escalation by striking a trade agreement, concerns have grown that the framework deal is « unbalanced » and leaves Europe on the backfoot.
The two trading partners on Sunday announced an agreement that includes a 15% tariff rate on most EU goods to the U.S.
Some goods like aircraft components and certain chemicals are not set to be hit by tariffs, while autos will see duties reduced to the 15% rate. The agreement also includes provisions for the EU purchasing U.S. energy and increasing its investments in the country.
The agreement halves the 30% tariff rate U.S. President Donald Trump had threatened the EU with and avoids any further escalation through for example countermeasures.
