The United States and the European Union signed a trade agreement on a unified 14 % tariff to be applied to most sectors, including automotive, semiconductors, and pharmaceuticals.

“According to the EU, this unified tariff provides greater clarity and stability for companies on both sides of the Atlantic.” In addition, “zero-zero” tariffs were established on “strategic items such as aircraft parts, certain chemical products, semiconductor equipment, and specific agricultural products.”

The comprehensive trade agreement covers at least 44 % of global Gross Domestic Product and impacts 800 million people.

From Washington, however, they clarified that taxes on steel, aluminum, and copper will remain unchanged. That is, the EU “will continue to pay a 50 % rate, and the parties will discuss the security of the supply chains for these products.”

EU President Ursula von der Leyen noted that the agreement allows for forecasting in a turbulent context so that companies in the region can plan and invest. “We are guaranteeing immediate tariff relief. This will have a clear impact on our companies’ results. And with this agreement, we are ensuring access to our largest export market,” she emphasized.

M.Pino

Source: dplnews

(Reference image source: Tetiana SHYSHKINA en Unsplash)

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