The United States and European Union today announced a sweeping trade framework agreement that would eliminate most tariffs on automobiles and auto parts while establishing new trade commitments worth more than $1.3 trillion.
European vehicle manufacturers are set to benefit from substantial tariff reductions on autos and auto parts imported into the US once the EU introduces required legislation.
Under the agreement, the US will reduce Section 232 tariffs on EU automobiles and auto parts to 15% when the EU formally introduces legislation to cut its own tariffs on US goods.
Currently, EU autos and auto parts are subject to
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