WASHINGTON (AP) – The US and the European Union issued a joint statement on Thursday that frames ongoing transactions Trading Partner Cement trade commitments.
“This framework agreement will place our trade and investment relationships on a solid footing and reinvigorate economic re-maining,” reads the document.
Together, the US and the EU have 44% of the global economy.
The key points of the letter include a US rate rate of 15% for most European goods, and includes details of automatic rates related to EU legislative measures.
Additionally, the EU agrees to eliminate tariffs on industrial products and many agricultural products, but the US will reduce tariffs accordingly. The deal also covers $750 billion in energy purchases and $600 billion in EU investment by 2028. The contract also addresses non-tariff barriers, digital trade and environmental regulations.
July, President Donald Trump European Commission President Ursula von der Leyen Meet easily at the Turnberry Golf Course in Trump in Scotland, Announced a radical trade agreement This places a 15% tariff on most European goods, and is driving away Trump’s 30% threat if the transaction is not reached by August 1st.
Before the Republican US president took office for a second term, the US and the EU maintained generally low tariff levels in the world’s largest bilateral trade relationship, at around $2 trillion in annual trade and around 1.7 trillion euros.
