By FATIMA HUSSEIN, Associated Press
WASHINGTON (AP) — The United States and the European Union 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’ reindustrialization,” the document reads.
Together, the U.S. and the EU have 44% of the global economy.
Key points in the letter include a 15% U.S. 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 U.S. 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.
In July, President Donald Trump and European Commission President Ursula von der Leyen met briefly at Trump’s Turnberry golf course in Scotland and announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump’s threat of a 30% rate if no deal had been reached by Aug. 1.
Before the Republican U.S. president returned to office for his second term, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with about $2 trillion, around 1.7 trillion euros, in annual trade.
Related Posts:
- From apps to matchmaking: the diverse ways some American Muslims navigate finding marriage partners News By MARIAM FAM Nura Maznavi got a kick out of learning that New York City Muslim mayoral candidate Zohran Mamdanimet his wife on Hinge. Related Articles Florida GOP removes new immigration merch after Home Depot objects Kohberger’s sexist, creepy behavior alarmed university faculty and students before Idaho murders Air Force’s…
- ‘Cowboy Post Malone’ Partners With Kim Kardashian — And Fans Can’t Forget His Rapper Roots Entertainment <p id="par-1_105">Before he became a <a href="https://www.cheatsheet.com/music/">chart-topping genre-bender</a>, Post Malone, <a href="https://www.cheatsheet.com/news/what-is-post-malones-real-name.html/">born Austin Richard Post</a>, emerged from humble beginnings marked by internet hustle and a DIY approach to music. Growing up in Grapevine, Texas, he taught himself guitar by playing <em>Guitar Hero</em> and began recording songs in his bedroom. He…
- Top 3 Trade Partners for Kenny Pickett After Browns Name Joe Flacco QB1 Sports The Cleveland Browns are rolling with Joe Flacco as QB1 to start the season, which could mean a few different things for Kenny Pickett. Pickett hurt his hamstring during training camp in late July, which set him back and cleared the path for Flacco to take the reins of the…
- Jennifer Aniston & Courteney Cox Spotted on Rare Double Date with Their Partners [PHOTOS] Entertainment Jennifer Aniston, yes, the âFriendsâ style icon and âThe Morning Showâ star, is in what weâre calling her âdouble-date era.â Sheâs recently been turning low-key dinner nights into headline gold, and we couldnât be more excited for her! This time, she and her new boyfriend, Jim Curtis, joined longtime friend…
- Cisco Systems trims hundreds of Bay Area jobs in ongoing downsizing News MILPITAS — Cisco Systems has decided to eliminate 221 jobs at two Bay Area locations, the company disclosed in WARN notices it sent to the state Employment Development Department. The cuts consist of 157 layoffs at a site in Milpitas and another 64 in San Francisco, WARN notices show. San…
(Visited 1 times, 1 visits today)