US President Donald Trump has changed his mind about imposing high tariffs on European Union-imported semiconductors and medications. Trump claimed last month that the US and EU’s handshake trade agreement did not apply to semiconductors and pharmaceuticals, which might have resulted in 25% and 100% tariffs, respectively.
However, fresh information unveiled Thursday about the US-EU Agreement states that, like the majority of other trade deal industries, EU pharmaceutical and semiconductor tariffs will be capped at 15%. To lower the 27.5% tariffs on auto exports to 15%, the EU must first enact legislation lowering US export duties to zero.
The United States and the European Union said in a joint statement on the deal that it was a “first step in a process” that might be broadened as the relationship progresses. Trump and Ursula von der Leyen, the president of the European Commission, first announced the trade agreement at their summit in Scotland last month.
They decided to lower tariffs on the majority of EU exports to 15%, which is more than the 10% tariff that the UK was able to achieve but half of the amount that Trump had initially promised. Von der Leyen referred to it at the time as a “framework” agreement, with specifics to be hammered out in the weeks that followed.
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