The United States and the European Union have unveiled the framework of a sweeping new trade agreement reached at the end of July, bringing months of uncertainty for industries and consumers to an end.
The joint statement, finalized after weeks of negotiations, details far-reaching tariff cuts, procurement pledges, and investment plans intended to stabilize transatlantic trade and counter China’s influence in global markets, Reuters reported.
Under the deal, the EU will remove tariffs on all U.S. industrial goods and open preferential access for a wide range of American agricultural and seafood products, including dairy, tree nuts, fruits and vegetables, soybean oil, pork, and bison meat. In return, nearly all EU exports to the United States will face a 15 percent baseline tariff, which will serve as a maximum cap except in cases where higher pre-existing duties apply, Reuters noted.
