The EU and the United States have agreed on the joint statement on tariffs following the political agreement reached by President Ursula von der Leyen and President Donald Trump on July 27. The Commission announced this.
“The joint statement details the new US tariff regime towards the EU, with a maximum, all-encompassing tariff rate of 15% for the vast majority of EU exports , including strategic sectors such as automobiles, pharmaceuticals, semiconductors and timber,” it reads.
"Predictability for our companies and our consumers. Stability in the world's largest trading partnership . And security for jobs and long-term economic growth in Europe. This EU-US trade agreement benefits our citizens and our companies and strengthens the transatlantic relationship," commented European Commission President Ursula von der Leyen.
The new US tariff regime towards the EU therefore sets a global tariff ceiling of 15% for the vast majority of EU exports , including strategic sectors such as automobiles, pharmaceuticals, semiconductors and timber.
EXEMPTIONS – Exempt from the 15% tariff cap are: unavailable natural resources (including cork), all aircraft and their parts, generic drugs and their ingredients and chemical precursors. "The EU and the United States will work together to further expand this list in the future," the European Commission said in a statement.
WINE – There will be no exemptions, however, for wines and spirits, an aspect that Italian producers had been banking on. For the Italian Wine Union, this is essentially a defeat, as the estimated damage to businesses is approximately €317 million cumulatively over the next 12 months , while for overseas trading partners, the loss of earnings will rise to nearly $1.7 billion.
Brussels also pledged to eliminate European tariffs on all US industrial goods, while also improving, the Commission explains, "market access for certain seafood, nuts, dairy products, fresh and processed fruits and vegetables, processed foods, cereals and seeds, soybean oilseeds, pork, and bison." The EU also pledged to purchase $750 billion (nearly €690 billion) of US LNG, oil, and nuclear products by 2028. The EU also pledged to purchase at least $40 billion (nearly €37 billion) of US AI chips for its data centers. The document also predicts that European companies will invest $600 billion (€552 billion) in strategic US sectors by 2028.
The European Union, the statement continues, plans to significantly increase its procurement of military and defense equipment from the United States , with the support and facilitation of the U.S. government. This commitment reflects a shared strategic priority: deepening transatlantic defense industrial cooperation, strengthening NATO interoperability, and ensuring that European allies are equipped with the most advanced and reliable defense technologies available.
TASK FORCE AT THE FOREIGN MINISTRY – A Tariff Task Force met today at the Foreign Ministry. The aim was to update representatives of various industry associations in detail, addressing the implications of the agreement for Italy's most strategic sectors, from automobiles to pharmaceuticals, semiconductors, and timber.
"The agreement on tariffs is an important step towards stabilizing trade and our strategic industries," Minister Tajani stated. "This is not a final destination, but a first step towards cooperation that will expand over time to new sectors and consolidate an economic and strategic alliance between the two sides of the Atlantic," he concluded.
AGRI-FOOD – Regarding the agri-food sector, an important reassurance comes from Palazzo Chigi : "The Government ," a statement reads, "remains committed, together with the European Commission and other EU member states, to further increasing the number of exempt product sectors in the coming months, as envisaged in the joint declaration, starting with the agri-food sector ." "Particular efforts," the statement continues, "will also be made to conclude an agreement on steel and aluminum , also envisaged in the joint declaration."
(Unioneonline/vl)
