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Sefcovic: ‘This is just the beginning, the framework is set to grow.’ Agreement is the result of the political agreement reached in July by Trump and von der Leyen.
The joint statement – A historic agreement between the European Union and the United States on trade tariffs was formalised today, Thursday 21 August, with the publication of a joint statement following the political agreement reached at the end of July between European Commission President Ursula von der Leyen and US President Donald Trump. ‘I am pleased to announce that we have reached the finish line,’ EU Trade Commissioner Maros Sefcovic said at a press conference.
An evolving framework – The agreement is not considered a point of arrival, but the start of a process of strengthening transatlantic economic relations. ‘This framework is a first step, destined to grow over time, including more sectors, improving market access and further strengthening our economic ties,’ Sefcovic explained. According to the commissioner, the agreement brings ‘stability and predictability’ to relations between Brussels and Washington, two key elements for businesses and for the transatlantic strategic partnership, which is considered crucial in the current geopolitical context.
Details of the agreement – The framework agreement sets a maximum ceiling of 15% for US tariffs on European exports. ‘This is the most favourable trade agreement the United States has ever granted to a partner,’ Sefcovic pointed out. The benefits will affect numerous sectors, from strategic sectors such as automobiles, pharmaceuticals and semiconductors to timber.
The commissioner explained that the 15% already includes MFN duties (the most-favoured-nation clause provided for by the World Trade Organisation). In practice, if standard tariffs are equal to or higher than this threshold, no additional charges will be added, thus guaranteeing the EU more favourable conditions than other trading partners.
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