The EU and US have issued a Joint Statement establishing a framework for fair, balanced and mutually beneficial transatlantic trade and investment. This Joint Statement confirms and builds on the political agreement reached by President von der Leyen and President Trump on 27 July.
The Joint Statement sets out the commitment on both sides to work towards restoring stability and predictability in EU-US trade and investment, for the benefit of businesses and citizens. It is the first step in a process which will increase trade and improve market access in additional sectors. The Joint Statement follows intensive negotiations led by EU Trade Commissioner Maroš Šefčovič with his US counterparts, Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer.
The Joint Statement lays out in detail the new US tariff regime towards the EU, with a clear maximum, all-inclusive, tariff rate of 15% for the vast majority of EU exports, including strategic sectors such as cars, pharmaceuticals, semiconductors and lumber. Sectors which are already subject to Most Favoured Nation (MFN) tariffs of 15% or above, will not be subject to additional tariffs.
With regard to cars and car parts, the 15% US tariff ceiling will apply in tandem with the EU initiating the procedures for tariff reductions vis-à-vis US products.
