The US and the European Union have reached an agreement on tariffs. According to EU Commission President Ursula von der Leyen, on the sidelines of a joint press conference in Scotland with US President Donald Trump, the parties have settled on a single 15 % tariff for the vast majority of EU exports.
The 15% will therefore apply to most sectors, such as automobiles (previously hit with a 25% levy), semiconductors and pharmaceuticals (up to now duty-free). Steel and aluminium will instead remain at 50%. In return, the EU has pledged to reduce duties on US imports to zero, buy 750 billion worth of US-made liquid gas and weapons, and encourage overseas investment.
The new tariffs will come into force on 15th August
With the agreement reached in Scotland, the EU can hardly celebrate victory. As the Corriere della Sera recalls, in the pre-Trumpian era the average levy imposed on European goods by US customs was around 4.8%. Duties are now practically four times higher without any real justification.
Translation by Giles Foster
