The European Commission on Thursday put forward draft regulations that would abolish all duties on U.S. industrial goods and extend duty-free treatment to a range of American seafood and non-sensitive agricultural products, including processed lobster. The move follows a commitment made in the July 27 trade framework agreed by Commission President Ursula von der Leyen and U.S. President Donald Trump. Brussels said the legislation is designed to unlock U.S. tariff relief for the EU automotive sector. Under the framework, Washington will reduce its tariffs on European cars and auto parts to 15% from 27.5%, with the lower rate applied retroactively from 1 August, once the EU proposal is formally tabled. The Commission opted to waive the usual impact assessment to speed passage. The draft measures now go to EU member states and the European Parliament for approval. While two-thirds of U.S. industrial exports already enter the bloc duty-free, officials said the package was necessary to avert the harsher levies—of up to 30%—that Trump had threatened and to restore stability to trans-Atlantic trade. EU officials added that the legislation contains a safeguard clause allowing the bloc to halt implementation if the United States fails to deliver the promised tariff cuts.
EU to scrap tariffs on US goods to pave way for lower car duties https://t.co/GNpNDuQNuM
TARIFF: They called Trump's tariff plan reckless and dangerous. It turns out it was genius. The US just cut a massive trade deal with the EU. https://t.co/Yf2LnFb97x
The European Commission is legislating its commitments on trade with the US. Now it expects the US to do likewise. Let’s see about that. The latest by me on EU-US trade https://t.co/S1V0XEX9OY