The European Union and the United States are reportedly on the verge of finalizing a trade agreement that would see the imposition of 15% tariffs on European imports. This development mirrors a recent deal struck by U.S. President Donald Trump with Japan, as detailed in a report by the Financial Times.
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According to sources, the proposed agreement includes waivers on certain products such as aircraft, spirits, and medical devices, aiming to mitigate the impact on specific industries. However, the EU is still preparing a substantial retaliatory tariff package worth up to 93 billion euros ($109 billion), which could be enacted if a deal is not reached by August 1.
Data from the IndexBox platform shows that in 2024, the U.S. imported over $55 billion worth of vehicles and automotive parts from Japan, while imports from the EU were valued at 47.3 billion euros ($55.45 billion). The trade imbalance highlights the significance of the automotive sector in ongoing negotiations. Both the White House and the European Union have yet to comment on the matter, and the details of the agreement remain unverified by Reuters.
