EU Proposes Zero-Tariff Deal on Industrial Goods with US

In a bold move to ease transatlantic trade tensions, European Commissioner for Trade and Economic Security Maros Sefcovic proposed a "zero-for-zero" tariff agreement with the United States. This initiative aims to eliminate duties on industrial goods, including strategic sectors like car parts, to enhance the resilience of EU-US supply chains.

Strengthening Economic Ties

During his address at the European Parliament, Sefcovic highlighted the significance of EU-US economic relations, noting that bilateral trade in goods and services soared to €1.7 trillion in 2023. "Strengthening our partnership is in our mutual interest," he stated, pointing out the potential impact of current US tariffs on an additional €170 billion of EU exports to the US.

A Call to Action

Labeling the current situation as "unacceptable," Sefcovic warned of the economic damages on both sides of the Atlantic, including the risks of heightened inflation and uncertainty in the US market.