EU Proposes Zero-Tariff Agreement with US

In a bold move to ease transatlantic trade tensions, European Commissioner for Trade and Economic Security Maros Sefcovic has 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 "reinforce the resilience" of EU-US supply chains.

Strengthening Economic Ties

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

Addressing Economic Concerns

Sefcovic described the current situation as "not acceptable," emphasizing the economic damage on both sides of the Atlantic and the risk of exacerbating inflation and uncertainty in the US.