Zero Tariffs on Aircraft and Some Agricultural Products... What Are the Details of the US-EU Trade Agreement?

[Financial News]  The United States and the European Union (EU) successfully concluded a trade agreement on the 27th (local time), alleviating the anxiety that industries and consumers had felt for months across the Atlantic.
Donald Trump, President of the United States, and Ursula von der Leyen, EU Commission President, met for about an hour in Turnberry, Scotland, and agreed that the US would impose a 15% tariff on almost all EU imports.
This tariff rate is lower than the 30% once threatened by President Trump and higher than the 10% pushed by the EU.
In the future, products exported from the EU to the US, except for steel, will not exceed a 15% tariff, and thus cars produced in EU countries will be subject to a 15% tariff instead of 27.5%. Semiconductors and pharmaceuticals will also be subject to a 15% tariff.
The US and the EU agreed not to impose tariffs on aircraft and parts, certain chemicals, semiconductor equipment, and generic drugs.
They also agreed on zero (0) tariffs for some agricultural products and essential raw materials, including natural resources, and plan to add more items in the future.
They will hold additional negotiations on tariffs related to alcoholic beverages.
The US plans to maintain the existing 50% tariff on European steel and aluminum, but von der Leyen stated that it will decrease in the future and that the US will introduce an import quota system.
On this day, the EU agreed to purchase $250 billion worth of US liquefied natural gas (LNG) over the next three years, importing a total of $750 billion (about 1,038 trillion won) worth of energy to replace Russian imports.
The EU also promised to purchase nuclear fuel from the US.
Additionally, the agreement includes EU companies investing $600 billion in the US during the second term of the Trump administration and purchasing US military equipment.


jjyoon@fnnews.com Yoon Jaejun Reporter