The US and the European Union agreed to the Framework Trade Agreement on Sunday, ending months of uncertainty for industries and consumers on both sides of the Atlantic.
This is the main element of the transaction:
*Almost all EU products entering the US are subject to 15% baseline tariffs, including cars currently facing 27.5%. A 15% tariff is the maximum tariff and will not be added to existing charges.
*However, the US plans to release the results of 232 trade surveys over two weeks, and determine the tip and drug tariff charges separately. Any US decisions in these sectors that come later will be “on another paper,” said Ursula von der Leyen of the European Commission. 29DK2902L
*The US and the EU will zero tariffs on all aircraft and their components, certain chemicals, certain generics, semiconductor equipment, some agricultural products, natural resources and important raw materials. More products will be added. The spirit situation is still established.
*European steel and aluminum tariffs remain at 50%, but von der Reyen said these would be cut later and replaced with quota systems.
*The EU has pledged to buy US Liquefied Natural Gas (LNG) totaling $750 billion, totaling $750 billion, to replace Russian gas. The EU also buys nuclear fuel from the US
*Under the contract, the EU has pledged to purchase US military equipment, and European companies have pledged to invest $600 billion in the US over the course of Trump’s second term.
(Reporting by Jan Strupczewski, Editing by Philip Blenkinsop and Marguerita Choy)
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