The European Union and the United States have released a joint statement outlining a framework for future transatlantic trade. The development builds upon the political understanding reached between European Commission President Ursula von der Leyen and U.S. President Donald Trump in late July, the Brussels-based authority announced Thursday.
The objective is to enhance the stability and predictability of trade between the two regions. The statement details a new U.S. tariff arrangement establishing a maximum tariff rate of 15 percent on most EU exports. Sectors including passenger vehicles, pharmaceuticals and semiconductors are affected. Regarding automobiles and auto parts, the U.S. tariff cap of 15 percent will coincide with the initiation of procedures by the EU to reduce tariffs on U.S. products.
Certain product categories, including aircraft parts and basic chemical inputs, will continue to be subject only to most-favored-nation tariffs. The EU and the U.S. also aim to safeguard their economies from overcapacity in the steel and aluminum sectors and establish secure supply chains.
Von der Leyen stated that the statement does not represent the end of the process. “We continue to work with the U.S. to agree on further tariff reductions, identify more areas of cooperation and create more economic growth potential”. She also emphasized that the EU will continue diversifying its international trade partnerships to create jobs and prosperity within the bloc.