Action: On July 27, the US and European Union reached an agreement providing that most EU goods will face tariffs of 15%, rather than the 30% recently threatened beginning August 1, with no “stacking” of tariffs (for instance with sectoral tariffs). The 15% tariff is over three times larger than the previous overall average effective tariff rate of 4.8%. EU steel and aluminum, however, will continue to be tariffed at 50%, and the EU also suggested that the two sides have agreed to a list of goods that will have zero duties. The US is the largest partner for EU goods exports, and the second largest partner for EU goods imports.Trusted Insights for What's Ahead®
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