EU Proposes Tariff Removal on U.S. Industrial Goods

According to BlockBeats, the European Commission has proposed eliminating import tariffs on U.S. industrial goods as part of a trade agreement with the United States. This proposal aims to reduce tariffs imposed by the U.S. on European automobiles retroactively. The initiative marks the first step in implementing the framework agreement reached between U.S. President Donald Trump and European Commission President Ursula von der Leyen on July 27. Under this agreement, the EU has accepted a broad 15% tariff to avoid a disruptive trade war. The U.S. has agreed to lower tariffs on EU-produced cars from 27.5% to 15%, effective from August 1, the first day of the month when the EU legislative proposal was submitted.