European Union proposes to cancel tariffs on US goods, pushing the US to reduce auto tariffs

On August 28th, the European Union Commission proposed on Thursday to remove import tariffs on US industrial goods as part of a trade deal with the United States that should allow the United States to retroactively reduce tariffs on European cars. The proposal is the first step in implementing the framework agreement reached by US President Donald Trump and European Union Commission President von der Leyen on July 27. Under the agreement, the European Union accepts a broad tariff of 15% to avoid a damaging trade war. The United States has agreed to reduce tariffs on European Union-produced cars from 27.5% to 15% on the first day of the month when the European Union legislative proposal is submitted, that is, from August 1.