The US confirms the reduction of customs duties to the EU cars. Rates are applied retroactively, starting August 1
The Trump administration has officially announced the implementation of the recently negotiated commercial agreement with the European Union. Among the main measures are the reduction of customs duties to cars and car components from EU Member States.
The Trump administration announces EU tax decreases. Photo: Archive
According to the documents published in the federal register, the tax decreases announced, from 27% to 15%, have entered into force with retroactive effect, starting August 1. However, European car manufacturers must wait for the official notification before they can benefit from the new rates.
The US Department of Trade and the Office of the US Commercial Representative (USTR) said that the legislation was fined to implement the agreement agreed with the European Union at the end of July. The agreement provides for the general reduction of customs tariffs for imports from the EU, in order to stimulate trade and reduce transatlantic tensions in the economic field.
Exceptions from measure
Although most European products will benefit from reducing taxes, there are significant exceptions. All the aircraft and aircraft components, generic pharmaceuticals, chemical precursors and certain natural resources are excluded from this measure. The latter include the cork, considered a strategic material that is not available in the US, notes Agerpres.
Reducing tariffs is a mouthful of oxygen for European car manufacturers, who have so far faced high taxes on the US market. The decrease from 27% to 15% could stimulate exports, strengthening the competitiveness of the EU industry on the United States market.
