The European Union and the United States of America have released a joint statement outlining the key provisions of the new framework agreement on trade between the parties.
This is reported by Business • Media
Tariff Elimination and New Tariffs
According to the agreements, the EU will eliminate all tariffs on industrial goods imported from the US. In addition, the United States will gain preferential access to the European market for various seafood and agricultural products. At the same time, the US will impose a 15% tariff on most goods imported from the European Union starting September 1. This rate will operate under the most-favored-nation principle, which is currently applied only to specific categories of imports from the EU.
Energy and Defense Cooperation
The parties have also committed to ensuring secure and reliable energy supplies, as well as expanding their sources and routes. The EU plans to purchase $750 billion worth of energy resources from the US by 2028. Additionally, the European Union will increase its procurement of military and defense equipment from the US. Special attention will be given to enhancing cooperation to counter restrictions on the export of critical minerals that may be imposed by third countries.
European Commissioner for Trade and Economic Security Maroš Šefčovič emphasized that the EU has succeeded in securing zero tariffs for certain groups of goods.
The European Union has managed to secure tariffs of 0% on certain categories of goods