U.S. and EU flesh out trade commitents under new framework deal

2 hours ago 4

The U.S. volition enforce a 15% tariff connected imports of European cars, pharmaceuticals and different products, according to a associated connection announced Thursday by the Trump medication and European Union.

The pact besides calls for the 27-member EU to destruct tariffs connected each American concern exports and to connection preferred presumption for immoderate seafood and workplace products, portion the U.S. volition trim tariffs accordingly.

The U.S. pledged to bounds import duties connected astir European goods, including cars, dugs semiconductors, to nary much than 15%, pending further legislative actions by the EU.

The statement besides covers $750 cardinal successful vigor purchases and $600 cardinal successful EU investments by 2028.

"This Framework Agreement represents a factual objection of our committedness to fair, balanced, and mutually beneficial commercialized and investment," the White House and EU said successful a associated statement. "This Framework Agreement volition enactment our commercialized and concern narration – 1 of the largest successful the satellite – connected a coagulated footing and volition reinvigorate our economies' reindustrialization."

In July, President Donald Trump and European Commission President Ursula von der Leyen met concisely astatine Trump's Turnberry play people successful Scotland and announced a sweeping commercialized woody that imposes 15% tariffs connected astir European goods, warding disconnected Trump's menace of a 30% complaint if nary woody had been reached by Aug. 1.

"This is simply a serious, strategical woody -- and we are afloat down it. A wide scope of sectors, including strategical industries specified arsenic cars, pharmaceuticals, semiconductors, and lumber, basal to benefit," said the EU commercialized commissioner Maros Sefcovic.

Together, the U.S. and the EU relationship for 44% of the planetary economy.

This is simply a processing communicative and volition beryllium updated.

AFP and The Associated Press contributed to this report.