Lates News

On August 28, the European Commission proposed two legislative initiatives as a key step towards implementing the joint statement between the European Union and the United States on tariffs. It is said that these measures aim to ensure the tariff reductions imposed by the United States on the European Union automotive industry since August 1 and further promote stability and predictability in transatlantic trade and investment relations. According to the proposals, the EU will eliminate certain tariffs on US industrial products, grant preferential market access for certain seafood and non-sensitive agricultural products, and extend duty-free treatment for lobsters. At the same time, the US has committed to reducing tariffs on EU automobiles and parts from 27.5% to 15%, and implementing zero or near-zero tariffs on a number of products such as cork, aircraft and parts, generic drugs, and chemical precursors from September 1. These two proposals are necessary legislative steps to implement the commitments of the first part of the EU-US joint statement. The European Parliament and the EU Council will need to approve the relevant tariff measures through the ordinary legislative procedure for them to take effect.