In a recent development, European Commission President Ursula von der Leyen announced that the United States will impose a baseline tariff rate of 15% on imported European Union goods, including cars, semiconductors, and pharmaceutical products. This announcement was reported by Yahoo Finance.

Read also: EU and US Nearing Trade Agreement with New Tariff Plans

Von der Leyen also revealed that a zero-for-zero tariff rate has been established for strategic products such as aircraft, aircraft parts, certain chemicals, and generic drugs. However, no decision has been reached regarding the tariff rate for wine and spirits.

According to data from the IndexBox platform, the EU’s exports of cars and pharmaceuticals to the US have been significant contributors to the trade relationship, with the automotive sector alone accounting for billions in trade value annually. The newly agreed tariff rates are expected to bring stability and predictability to these sectors.

“Today’s deal creates certainty in uncertain times, delivers stability and predictability,” von der Leyen stated during her briefing in Scotland.

Source: IndexBox Market Intelligence Platform