The European Union will work to ensure lower U.S. tariffs on its car exports are applied retroactively to Aug. 1, the bloc's trade chief said on Thursday, as the transatlantic partners set out details of a framework trade deal struck in July.
In a 3½-page joint statement, the two sides spelled out that 15% U.S. tariffs would apply to most EU imports and listed the commitments made, including the EU's pledge to eliminate tariffs on U.S. industrial goods and to give preferential market access for a wide range of U.S. seafood and agricultural goods.
Washington will take steps to reduce the current 27.5% U.S. tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on U.S. goods, it said.
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