Cars, semiconductors, and pharmaceuticals will be subject to a maximum 15% tax to enter the United States, according to the long-awaited joint statement delivered by Brussels and Washington on Thursday, concluding the trade agreement they reached almost a month ago.
The reduction of car tariffs “will apply in tandem with the EU initiating the procedures for tariff reductions vis-à-vis US products,” according to the statement, which is not legally binding like the agreement reached between US President Donald Trump and European Commission chief Ursula von der Leyen on July 27 in Scotland.
Reporters were informed by Trade Commissioner Maroš efčovič that the Commission has a “firm intention” to introduce the legislative proposal and begin the process before the end of the month. If so, he said, the 15% rate would take effect retrospectively on August 1.
According to the paper, as of September 1st, all aircraft and aviation parts, generic medications and their constituents, chemical precursors, and inaccessible natural resources (like cork) will be exempt from normal non-discriminatory tariffs (MFN) and will benefit from a unique regime.
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