U.S. and EU reach tariff agreement: comprehensive 15% rate, excluding alcohol. | WPN World People News

On the 21st, the United States and the European Union (EU) issued a joint statement revealing details of their discussions in July regarding a trade and investment framework agreement. The U.S. will impose a 15% tariff on most imports from the EU, including pharmaceuticals and semiconductors. Tariffs on automobiles are expected to be lower than the current 27.5% rate. Alcoholic beverages are not yet exempted. As some disagreements remain between the two sides, the EU has expressed hope that the U.S. will make further concessions.

EU Trade Commissioner Maroš Šefčovič stated that the confirmed tariffs will not be applied on top of existing ones and will be retroactively effective from August 1. Additionally, the EU plans to eliminate tariffs on U.S. industrial products and ease import restrictions on American seafood and agricultural products, including nuts, dairy products, fruits and vegetables, soybean oil, pork, and bison meat.

European wine producers expressed disappointment with the outcome of the agreement. A representative from the French Federation of Wine and Spirits Exporters (FEVS) stated that the tariffs would pose a major challenge to the alcohol industry, noting that the U.S. is the largest market for Bordeaux wines, and the tariffs would significantly hinder their market competitiveness. The European Commission emphasized that this trade agreement is only the beginning and that negotiations with the U.S. will continue to further strengthen transatlantic economic ties.