Washington: The US and the EU on Thursday issued a joint statement that frames the ongoing deal between the trading partners and solidifies some trade commitments.
“This Framework Agreement will put our trade and investment relationship — one of the largest in the world — on a solid footing and will reinvigorate our economies’ reindustrialisation,” the document reads.
Together, the US and the EU have 44 per cent of the global economy. Key points in the letter include a 15 per cent US tariff rate on most European goods, with specifics on auto tariffs tied to EU legislative actions.
In addition, the EU agrees to eliminate tariffs on industrial goods and many agricultural products, while the US will reduce tariffs accordingly. The agreement also covers $750 billion in energy purchases and $600 billion in EU investments by 2028. The agreement also addresses non-tariff barriers, digital trade and environmental regulations.