EU Proposes Elimination of US Tariffs on Industrial Goods

The European Commission has proposed removing import tariffs on U.S.-made industrial goods as part of a trade agreement with the United States. This move, according to BlockBeats, aims to eliminate existing tariffs imposed by the US on European automobiles and is part of a framework deal between President Trump and EU President von der Leyen signed on July 27th. As agreed upon, the EU accepted a general 15% tariff to prevent a trade war from escalating. In turn, the US has agreed to reduce its tariffs on EU-produced vehicles from 27.5% to 15%, effective August 1st. This marks the first step in implementing the agreement reached between the US and EU.