USA and the EU develops commercial commitments in a new framework agreement. Here

The United States will impose a rate of 15% to imports of European cars, pharmaceutical products and other products, according to a joint statement issued Thursday by the Trump administration and the European Union.

The PACT also requires that the EU of 27 members eliminate tariffs on all American industrial exports and offer preferred terms for some seafood and farm products, while the United States will reduce tariffs accordingly.

The new framework, which is an agreement to facilitate trade negotiations between countries instead of an agreement ending, occurs after President Trump and the president of the European Commission, Ursula Von Leyen, met briefly in July in the Trump Turnberry Golf field in Scotland. At that time, they announced a radical commercial agreement that imposed 15% tariffs on most European goods, avoiding the threat of Mr. Trump of a 30% rate if no agreement was reached before August 1.

In the last pact, the United States reaffirmed its commitment to limit import tariffs in most European goods, including cars, drugs and semiconductors to no more than 15%, waiting for additional legislative actions in the EU.

The agreement also covers $ 750 billion in energy purchases and $ 600 billion in EU investments by 2028.

“This Framework Agreement represents a specific demonstration of our commitment to trade and fair investment, balanced and mutually beneficial,” said the White House and the EU in a joint statement. “This Marco Agreement will put our investment and investment relationship, one of the largest in the world, in a solid base and revitalize the reindustrialization of our economies.”

After completely implementing the agreement, the effective average rate of the USA. To imports from EU countries will range between 10% and 14%, according to Eurasia Group, a consulting firm focused on political risk. Together, the United States and the EU represent 44% of the global economy.

What is within the framework of the frame?

The frame impacts a wide range of items produced by the US and the EU, ranging from dairy products to lobster. Some of the additional provisions include:

• The EU “will provide access to the preferential market” for agricultural and seafood products of the US, including dairy products, fresh and processed vegetables, soybean oil and pork and bison meat.
• The EU promised to take measures to extend a 2020 agreement for lobster imports, which had expired in July, including the expansion of reach to include processed lobster.
• The United States will reduce tariffs in cars made by EU to 15% once the European negotiation block formalizes its elimination of tariffs to all US industrial exports.
• An EU promise to buy at least $ 40 billion in the US chips for your computer centers.
• The EU said that “it would substantially increase the acquisition of military and defense teams of the United States, with the support and facilitation of the United States government,” although the framework did not include a dollar figure for purchases.
• The EU and the US agreed to rationalize the requirements for sanitary certificates for pork products and dairy products, part of an effort to address the barriers of the non -task trade.

Some of the provisions include agreements to modify the regulations that do not involve tariffs, such as an EU promise to “address the concerns of US producers and exporters with respect to the regulation of EU deforestation, in order to avoid an improper impact on the US trade.

“This is a serious and strategic agreement, and we are completely behind it. A wide range of sectors, including strategic industries such as cars, pharmaceutical products, semiconductors and wood, will benefit,” said EU Maros Sefcovic Commerce Commissioner.

It is likely that the terms of the agreement face some EU member states, in particular the provisions that require that commercial blocks open their markets to US agricultural products. UU., According to Eurasia Group. But most EU governments will support the agreement given the benefits for key industries, will include cars and pharmaceutical companies, the company predicted in a report.

News and The Association press contributed to this report.

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