EU still waiting on US for joint statement on tariffs
The EU and US reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said a joint statement would follow the deal "very soon" along with executive orders from US president Donald Trump on key carve-outs.
"It is an agreement that we believe is strong and the best we could have ... Of course, we expect the US to take further steps that are part of this agreement but I don't believe at this stage we can put a timeline on these engagements," the European Commission spokesperson said.
The carve-outs include a reduction of the current 27.5% US import tariff on EU cars and car parts to 15%. While duties on pharmaceuticals and semiconductors are currently zero, if they rise as a result of a US probe into imports of those products, Mr Trump assured these would not exceed the 15% ceiling.
As part of the deal, the EU and US are still finalising a list of products where tariffs would go down to zero on both sides, such as on aircraft, while other products would revert to a much lower most-favoured-nation rate. Separately, negotiations on rates for spirits like whiskey and for wine are expected to drag into the autumn.
Europe still faces tariffs of 50% on steel and aluminium exports to the US but the two sides have agreed to set a quota system and a "metals alliance" that would later lower duties. In the interim, however, EU smelters are under pressure as US tariffs have led to a surge in exports of their main input, scrap metal.
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