EU begins plan to scrap tariffs on U.S. industrial goods

The European Commission on Thursday set in motion plans to eliminate duties on ￰0￱ products, opening the EU’s procedure for a trans-Atlantic trade arrangement that would also backdate reductions in ￰1￱ on European ￰2￱ a statement, the European Commission said that eliminating duties on industrial goods and granting “preferential market access” to certain ￰3￱ and agricultural products would secure ￰4￱ relief for the EU auto sector retroactive to August ￰5￱ provisional arrangement eased tensions between the two largest trade and investment partners, though the terms are not ￰6￱ EU agreed to reduce its own tariffs and step up purchases of U. S. energy, while the United States continued to apply duties to roughly 70% of EU ￰7￱ February, Trump said the EU was “formed to screw the United States” and linked the new terms to shrinking the ￰8￱ deficit with the bloc, which stood at $235 billion in ￰9￱ governments indicated they accepted the arrangement as the less harmful option, pointing out that, without a deal, the White House had been prepared to slap 30% tariffs on almost all EU ￰10￱ agreed to open EU market to ￰11￱ In the trade deal , reported by Cryptopolitan, Brussels included two legal ￰12￱ scrapped EU tariffs on industrial goods and extended preferential access for ￰13￱ and selected agricultural ￰14￱ second continued duty-free treatment for lobsters, expanding it to include processed products.

Together, the EU and the United States make up close to a third of world ￰15￱ and von der Leyen announced the pact at the U. S. president’s golf course in western Scotland. “I think this is the biggest deal ever made,” Trump told reporters on July 27th, praising EU plans to invest about $600 billion in the United States and to sharply increase purchases of ￰16￱ and military ￰17￱ argued the pact surpassed $550 billion agreement with Japan and would strengthen relations after years of what he described as unfair treatment of ￰18￱ der Leyen described Trump as a tough negotiator and said the 15% tariff applied “across the board,” later noting it was “the best we could get.” “We have a trade deal between the two largest economies in the world, and it’s a big ￰19￱ will bring ￰20￱ will bring predictability,” she ￰21￱ you're reading this, you’re already ￰22￱ there with our newsletter .