EU Trade Deal Announcement: Key Highlights from the White House Framework Agreement
Overview of the EU Trade Deal Announcement
The White House on Thursday announced a highly anticipated trade deal with the European Union (EU). The Trump administration stated that EU counterparts agreed to eliminate all tariffs on industrial goods imported from the U.S. and to widen preferential market access to U.S. seafood and agricultural products.
Details of the Trade Agreement
In exchange, most EU exports, notably automobiles and parts, pharmaceuticals, semiconductors, and lumber, will be taxed at 15 percent. Furthermore, the group of 27 member nations committed to ensuring its companies invest $600 billion in the U.S. and to purchase at least $750 billion worth of U.S. energy, according to the White House.
Significance of the Framework Agreement
“This Framework Agreement will put our trade and investment relationship – one of the largest in the world – on a solid footing and will reinvigorate our economies’ reindustrialization,
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