Doha: The European Union and the United States have reached an agreement on tariffs imposed on certain European exports. A joint statement issued today said that EU exports of cars and pharmaceutical products to the United States will be subject to a 15 percent tariff, along with some other goods.
According to Qatar News Agency, EU Commissioner for Trade and Economic Security Maros Sefcovic described the agreement as serious and strategic, adding that it enjoys full support. He explained that it benefits a wide range of sectors, including strategic industries such as automobiles, pharmaceuticals, semiconductors, and timber.
Sefcovic expressed confidence that the reduced tariff rate for cars, lower than the current 27.5 percent, would be applied retroactively starting from Aug. 1, noting he had received assurances on this point from his US counterpart.
However, the new rate will only take effect once the EU introduces legislation to lower its tariffs on US products, something Sefcovic said the European Commission is working hard to achieve.
European Commission President Ursula von der Leyen remarked that this was not the end of the process, saying discussions with the US would continue to agree on further steps to reduce tariffs, define areas of cooperation, and create additional opportunities for economic growth.