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The United States moved Wednesday to lower tariffs on auto imports from the European Union — retroactive to August 1 — implementing the terms of a trade pact that both sides earlier unveiled.The shift, detailed in a document filed to the Federal Register by the Commerce Department and US Trade Representative’s office, brings the US tariff on EU autos to 15 percent.This is significantly down from the 27.5 percent faced after Washington slapped an additional 25-percent duty on imported autos this year.The relief for autos and parts, however, was conditioned upon the bloc introducing legislation to reduce its own tariffs on US products — which it has done.US President Donald Trump and EU Commission President Ursula von der Leyen clinched a framework accord in July for most EU exports to face a 15-percent US levy.Live EventsBoth sides released further details of the agreement in August.The document filed Wednesday also outlined various exemptions for sectors such as aircraft, aircraft parts and generic pharmaceuticals from Trump’s additional tariffs.These would be effective from September 1, and the EU earlier said that both sides have agreed to work on expanding this list further.Trump slapped a 10-percent “reciprocal” tariff on imports from almost all trading partners in April to address what Washington deemed unfair trade practices.In August, he raised this to various higher levels for dozens of economies, including the European Union.But the EU secured additional reprieves under its deal with Washington. Many of its goods face a maximum 15-percent tariff rather than having the new rate pile atop existing levies.These sweeping “reciprocal” duties did not cover sectors like automobiles that were separately singled out to face higher levies, and the deal also provided relief in that respect.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onUS lowers tariff on EU autostariffs on auto importsUnited StatesEuropean Uniontrade pactCommerce DepartmentUS Trade Representative’s officeEU Commission PresidentDonald Trump(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
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