The EU and the US have issued a joint statement on the recently agreed trade deal, releasing new details. The statement says that the EU will be giving priority to US agriculture products including, nuts, fruits, vegetables and also seafood. Exceptions for US tariffs on EU products only include for generic pharmaceuticals, chemicals related for the production of pharmaceuticals and aircraft and aircraft parts. Semiconductors are not included in the exceptions and will have an effective 15% tariff rate like most of the other products.
Other exceptions may be added later with further discussions.
The European Union also pledged to purchase up to $750 billion of US gas through 2028 and at least $40 billion worth of US AI chips for its computing centres.
The trade deal received a lot of criticism from European quarters and still needs to be ratified by the European Parliament. US tariffs may negatively impact European producers in what is an already balanced trade relationship with the US.
Newsroom
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