Some additional details on the EU-US deal, in particular:
"Allow me to go into some details. We have stabilised on a single 15% tariff rate for the vast majority of EU exports. This rate applies across most sectors, including cars, semiconductors and pharmaceuticals. This 15% is a clear ceiling. No stacking. All-inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial.
Today we have also agreed on zero-for-zero tariffs on a number of strategic products. This includes all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials. And we will keep working to add more products to this list.
On steel and aluminium, the EU and the US face the common external challenge of global overcapacity. We will work together to ensure fair global competition. And to reduce barriers between us, tariffs will be cut. And a quota system will be put in place.
We will also increase our energy cooperation. Purchases of US energy products will diversify our sources of supply and contribute to Europe's energy security. We will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels.
US AI chips will help power our AI gigafactories and help the US to maintain their technological edge."
Posted by nicknameSerialNumber
4 Comments
So are the steel and aluminum tariffs staying? It doesn’t give specifics on that.
The exemptions seem potentially quite significant.
Okay, so looks like the broad strokes are true. The EU is getting schlonged on the vast majority of its goods, with the sacred cows of aerospace (france), chemicals (germany) semis (benelux), and agriculture (lol farmers) being spared
They’re also 100% being roped into fighting China (what they say about steel) on the US side
And they’re increasing their dependency by switching their dealer of gas from Russia to the US, and remain part of the American tech stack rather than building their own
https://preview.redd.it/q6edstumxgff1.png?width=602&format=png&auto=webp&s=b9d3649bac21863bc590f1dedcfddd8457b06dad
So what is this deal? Is it like a framework for a trade agreement that needs to be negotiated out and passed by Parliament&Congress or is this final or is it a memorandum of understanding type deal or