EU Proposes Groundbreaking Zero-Tariff Deal with US

In a bold move to ease transatlantic trade tensions, European Commissioner for Trade and Economic Security Maros Sefcovic unveiled a "zero-for-zero" tariff proposal aimed at eliminating duties on industrial goods between the EU and the US. This strategic initiative targets key sectors, including car parts, to bolster the resilience of supply chains across the Atlantic.

Strengthening Economic Ties

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. "Enhancing our partnership is in our mutual interest," he stated, raising concerns over existing US tariffs that could jeopardize an additional €170 billion in EU exports to the US.

A Call to Action

Describing the current tariff scenario as "unacceptable," Sefcovic warned of the detrimental economic effects on both sides, including the potential to exacerbate inflation and uncertainty within the US economy.