EU-US Zero-Tariff Deal: A New Era for Industrial Goods

European Commissioner for Trade and Economic Security Maros Sefcovic unveiled a bold proposal on Tuesday for a "zero-for-zero" tariff agreement with the United States. This initiative aims to eliminate duties on industrial goods, including car parts, to enhance the resilience of EU-US supply chains amidst rising trade tensions.

Highlighting the significance of EU-US economic relations, Sefcovic pointed out that bilateral trade in goods and services soared to €1.7 trillion in 2023. "Strengthening our partnership is in our mutual interest," he asserted, cautioning against the potential impact of current US tariffs on an additional €170 billion of EU exports to the US.

Describing the ongoing situation as "unacceptable," Sefcovic warned of the economic repercussions for both sides and the heightened risks of inflation and uncertainty in the US market.