The United States and the European Union published on Thursday, August 21, a joint declaration, acting the trade agreement concluded on July 27 in Scotland between the president of the United States, Donald Trump, and the president of the European Commission, Ursula von der Leyen.
The three -page text confirms the establishment of customs tasks limited to 15% in most European products exported throughout the Atlantic, such as cars, medications, semiconductors or wood.
The European Union undertakes to eliminate customs taxes from all American manufactured products and provide preferential access to its market for a wide range of seafood and agricultural products in the United States.
The document specifies that Washington will bring customs tariffs on European car exports and car parts, currently 27.5%, once Brussels have presented and adopted the necessary legislation to implement its commitments.
“A way to keep responsible”
A senior administration official Donald Trump declared under the anonymity seal that this relief could see daylight in a few weeks, noting that the two parties wanted to “act quickly.”
This joint statement, he added, is “a way of being responsible” and ensuring that the two parties respect the commitments announced last month in Turnberry by Donald Trump and Ursula von der Leyen after a one -hour interview with months of negotiations.
“We are trying to put things in order with the European Union to guarantee (…) that you feel enough pressure to obtain the mandate you need to initiate the legislative process to reduce its customs taxes, as promised,” said the US official.
“We are sure that it will do it. It is simply important that all parts are in the same wavelength and act at the same time.”
750 billion American energy products
According to the text of the joint declaration, the reduction of customs tasks in the car will enter into force on the first day of the month during which the European Commission will present its new law.
The document adds that the United States will apply the most favored nation clause of aeronautics, generic medicines and their active ingredients, chemical precursors and natural resources such as cork.
The European Union reaffirms its intention to buy for $ 750 billion (645 billion euros) of US energy products for three years, as well as $ 40 billion in computer chips for artificial intelligence.
It also repeats that European companies invest $ 600 billion in the American strategic sectors by 2028.
The two parties also commit to attacking the “unjustified digital commercial barriers” and considering cooperation to protect their respective steel and aluminum markets against overcapacity, while guaranteeing safe supply chains between them, particularly through fees.
Source: BFM TV
