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APPresident Donald Trump, European Commission President Ursula von der Leyen
The EU’s trade deal with the United States shields the bloc’s drug exports from tariffs higher than 15 percent, Brussels said Friday, after US President Donald Trump announced new levies on pharmaceuticals.The July agreement capped tariffs on pharmaceutical products and other goods at 15 percent. Trump has now said he will impose a 100-percent tariff on drugs but Brussels dismissed concerns that the deal was under threat.The EU pointed to the joint statement under which the United States agreed to ensure the tariff rate on pharmaceuticals, semiconductors and lumber does not exceed 15 percent.”This clear all-inclusive 15 percent tariff ceiling for EU exports represents an insurance policy that no higher tariffs will emerge for European economic operators,” said EU trade spokesman Olof Gill.”The EU and US continue engaging towards implementing the joint statement commitments, while exploring further areas for tariff exemptions as well as wider cooperation,” Gill said.Live EventsIt was not immediately made clear by the US side whether the EU was indeed exempt from the higher new pharmaceutical levies.The United States this week cut tariffs on auto imports from the EU to 15 percent as part of the agreement, down from 27.5 percent.The European Commission, which leads trade policy for the 27-country bloc, is working hard to secure carve-outs for other sectors including drinks.Gill had said Thursday EU trade chief Maros Sefcovic continued to push for cutting tariffs on wine and it remained a “top priority” for Brussels.Add as a Reliable and Trusted News Source Add Now!
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