EU scraps tariffs on US industrial goods under trade deal

The European Union today, in line with the trade agreement concluded with Washington last July, eliminated tariffs on imports of industrial goods and reduced tariffs on certain agricultural products imported from the United States.

The legislation also includes a safeguard mechanism that will allow the EU to respond to any significant increase in imports from the U.S. that could seriously harm domestic producers, CE Report quotes STA.

If sufficient evidence is found, the European Commission will be able to suspend the implementation of the regulation in whole or in part.

The EU therefore removed or reduced the tariffs ahead of July 4, the deadline previously set by U.S. President Donald Trump for the implementation of the trade agreement.

At the same time, however, the EU today increased tariffs on steel imports from all trading partners from 25% to 50% and reduced the duty-free import quota for steel to 18.3 million tonnes per year.

Photo AI