WASHINGTON/BRUSSELS ¨C The European Union will work to ensure lower U.S. tariffs on its car exports are applied retroactively to Aug. 1, the bloc¡¯s trade chief said on Thursday, as the transatlantic partners set out details of a framework trade deal struck in July.
In a 3?-page joint statement, the two sides spelled out that 15% U.S. tariffs would apply to most EU imports and listed the commitments made, including the EU¡¯s pledge to eliminate tariffs on U.S. industrial goods and to give preferential market access for a wide range of U.S. seafood and agricultural goods.
Washington will take steps to reduce the current 27.5% U.S. tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on U.S. goods, it said.
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