15% Tariff! Latest Announcement from the US! (Part 2)

　　The statement further clarified that the US tariff reductions on automobiles and parts will take effect from the first day of the month in which the EU introduces relevant legislation, creating the possibility for automakers to obtain retroactive tariff relief. This shift has been eagerly anticipated by some EU member states, particularly Germany. Data shows that Germany exported $34.9 billion worth of new cars and auto parts to the US in 2024.

　　The German Association of the Automotive Industry (VDA) stated that the final agreement between the US and EU on the joint tariff document is a positive sign. The EU must act swiftly to ensure that the tariffs are retroactively effective from August 1, as businesses urgently need clarity and planning security.

　　According to the joint statement, the EU will eliminate tariffs on all US industrial products and provide preferential market access for US aquatic and agricultural products, including nuts, dairy products, fresh and processed fruits and vegetables, processed foods, seeds, soybean oil, and meat products.

　　Additionally, the EU will immediately take measures to extend the lobster条款 (originally set to expire on July 31, 2025) announced in the August 21, 2020, US-EU Joint Statement on Tariff Agreements and expand the product scope to include processed lobster.

　　The statement also clarified that the EU's procurement of US energy products, including liquefied natural gas, oil, and nuclear energy products, is expected to reach $750 billion in承购额 by 2028. Furthermore, the EU has committed to purchasing at least $40 billion worth of US artificial intelligence chips for the construction of European data centers. The EU also plans to significantly increase its procurement of military and defense equipment from the US.

　　The US and EU have also reached consensus on other key areas to regulate future trade. Both sides pledged to jointly address "unreasonable digital trade barriers," and the EU has agreed not to impose network usage fees, which is a positive signal for tech companies.

　　Finally, the statement mentioned that the two sides will consider cooperating to protect their respective steel and aluminum markets from the impact of overcapacity through measures such as tariff-rate quotas, while ensuring the security of supply chains between them. This framework agreement is also scalable and can cover more areas in the future to further improve market access.

　　According to CCTV News, the joint statement was reached after intensive negotiations between Maroš Šefčovič, European Commissioner for Trade and Economic Security, US Secretary of Commerce Lutnick, and US Trade Representative Greer.

　　Next, the European Commission will, with the support of EU member states and the European Parliament, proceed with the relevant internal procedures to implement the main content of the agreement. The EU will also negotiate a fair, balanced, and mutually beneficial trade agreement with the US based on the agreed framework and applicable procedures.