EU Proposes Groundbreaking Zero-Tariff Agreement with US

In a significant move to ease transatlantic trade tensions, European Commissioner for Trade and Economic Security Maros Sefcovic introduced a "zero-for-zero" tariff proposal aimed at eliminating duties on industrial goods between the EU and the United States. This ambitious plan targets key sectors, including car parts, to enhance the resilience of EU-US supply chains.

Strengthening Economic Ties

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

Addressing Economic Concerns

Sefcovic labeled the ongoing tariff situation as "not acceptable," underscoring the economic damage on both sides of the Atlantic and the looming threats of heightened inflation and uncertainty in the US market.