The United States and the European Union formalized the terms of the Framework Commercial Agreement The two commercial partners announced in late July, according to a joint statement published by the White House on Thursday.
The statement provides an additional clarity and detail on the terms of the President of the United States, Donald Trump and the President of the European Commission, Ursula von der Leyen, shared the negotiations in Scotland on July 27, including a 15% rate for US imports. The two commercial partners will “quickly document” the agreement, according to the statement.
By virtue of the agreement, the United States pledged to apply a 15% rate or a more -favored nation rate of nation -friendly importance, with most of the two that must be fulfilled. The United States will establish a 15% panel on the rates for the imports of pharmaceuticals, semiconductors and wood, according to the statement. These sectors are currently in section 232. Similar probes have caused specific rates in the sector up to 50%.
The United States also plans to apply only the most favored nation rate established by the World Trade Organization in the aircraft and aircraft parts, generic pharmaceuticals, chemical precursors and “unavailable natural resources”, from September 1. The two commercial partners “will consider other sectors” to add to this group.
In the meantime, the EU said it intends to eliminate the rates of industrial products in the United States and provide preferential access to the market to a range of North -American food exports, including nuts of tree, fruits and fresh and processed vegetables, pork and bison and dairy products.
Once the block formally introduces the legislation to promulgate these measures, the United States plans to apply a 15% rate in EU cars and cars, unless the covered goods are subject to a more favored work rate. The two countries also seek to cooperate in automobile standards.
“These fare reductions are expected to be effective from the first day of the same month in which the European Union’s legislative proposal is introduced,” according to the statement.
For imports of steel and aluminum, the two commercial partners said that they would “consider the possibility” to cooperate in the fence of their national markets to protect themselves from overload.
As part of the agreement, the EU plans to get $ 750 million in energy products until 2028 and artificial intelligence chips worth $ 40 billion from EU companies in the United States would also invest $ 600 billion in the United States for the next three years.
The statement also says that the EU will work to reduce regulatory loads in North -American companies who could inhibit transatlantic trade.
“Previous for our companies and consumers. Stability in the world’s largest commercial collaboration. And security for European jobs and long -term economic growth,” said Von der Leyen in an AX publication. “This EU-EUA trade agreement provides our citizens and companies and strengthens transatlantic relationships.”
