Washington will take steps to reduce the current 27.5% US tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on US goods
This is AI generated summarization, which may have errors. For context, always refer to the full article.apply to its car exports retroactively, EU trade chief Maros Sefcovic said on Thursday, August 21, as the transatlantic partners set out details of their framework trade deal struck
The statement said US tariff relief on autos and auto parts would kick in on the first day of the month in which the EU introduced the legislation. “As soon as they’re able to introduce that legislation — and I don’t mean pass it and fully implement it, but really introduce it — then we will be in a position to provide that relief. And I will say that both sides are very interested in moving quickly,” they said.
The joint statement was “a play to hold each other accountable” and ensure that both sides carried out the pledges announced last month, the official said. “So these doors are not closed forever,” Sefcovic said, while acknowledging that securing an exemption for alcoholic drinks would not be easy.
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