DATA & FIGURES
The deal between the EU and the US includes a 15% tariff on most EU exports, while the EU has cut import duties on some US goods to 0%. The agreement also includes a "sunset clause" which will mean the deal expires on 31 December 2029 unless it is renewed. Additionally, the European Commission will be able to suspend tariff preferences for US goods by 31 December 2026 if the US continues to apply tariffs on steel derivatives.
THE SCENARIO
The approval of the tariff agreement between the EU and the US comes after a long and complex process, with the EU facing a threat of increased tariffs if the deal was not sanctioned by 4 July. The deal is expected to bring stability to businesses and industry, and is seen as a positive step towards improving trade relations between the two entities.
DIRECT QUOTE
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BBN INSIGHT
The approval of the tariff agreement between the EU and the US is a significant development in the ongoing trade negotiations between the two entities. The deal is expected to bring stability to businesses and industry, and is seen as a positive step towards improving trade relations between the two entities.