As of today, the European Union is abolishing all tariffs on imports of American industrial goods, European Commission President Ursula von der Leyen said.
“This is good news for transatlantic trade. More predictability. More choice. Better prices for European businesses and consumers. This is a commitment fulfilled under the EU-U.S. Joint Statement. And a reminder that the transatlantic relationship remains the most valuable in the world. Let us keep building on it,” she wrote.
The measure became part of the trade agreement reached last year between Donald Trump and von der Leyen.
Under the terms of the arrangements, the EU agreed to abolish import tariffs on American industrial goods and provide preferential access to the European market for U.S. agricultural products and seafood.
At the same time, Brussels agreed to U.S. tariffs of 15% on most goods from the European Union.
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