EU Proposes Groundbreaking Zero-Tariff Agreement with US

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

Strengthening Transatlantic 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. "Enhancing 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 Against Economic Harm

Labeling the current tariff situation as "unacceptable," Sefcovic warned of the detrimental effects on both economies, including heightened inflation and increased uncertainty in the US market.