The European Union plans to introduce legislation by the end of the week to eliminate all tariffs on U.S. industrial goods, according to people familiar with the draft. The move seeks to meet a demand from President Donald Trump and will be fast-tracked through Brussels without the usual impact assessment. Washington has tied any reduction of its duties on European automobile imports to the removal of EU levies on U.S. industrial products. EU-manufactured cars and parts currently face a 27.5% tariff in the United States; eliminating industrial duties could trigger a cut in the auto rate retroactive to Aug. 1 under a framework agreement reached last month. The draft measure also offers preferential tariff rates on selected seafood and agricultural goods as part of a broader package to stabilize transatlantic trade. It follows an Aug. 21 joint statement in which both sides said tariff relief could arrive within weeks. EU lawmakers are expected to review the proposal before the weekend, potentially setting up the most significant easing of trade barriers between the two economies since the latest auto tariffs were imposed.
🚨JUST IN: EU PROPOSES ELIMINATING ALL TARIFFS ON US INDUSTRIAL GOODS TO MEET PRESIDENT TRUMP'S DEMANDS ~ WATCHER GURU
BREAKING: 🇪🇺🇺🇸 EU MAY REMOVE ALL TARIFFS ON US INDUSTRIAL GOODS TO MEET TRUMP’S DEMANDS. BULLISH FOR MARKETS.🚀
🚨BREAKING: EU weighs removing ALL tariffs on US industrial goods to comply with President Trump's demands. https://t.co/QCoggTOEIl