On August 28th, local time, the European Commission put forward two legislative proposals, taking a key step to implement the joint statement between the EU and the United States on tariffs. It is said that these measures are aimed at ensuring the tariff concessions implemented by the United States on the EU automobile industry since August 1st, and further promoting the stability and predictability of transatlantic trade and investment relations.
According to the proposal, the European Union will eliminate tariffs on some US industrial products, grant preferential market access to some seafood and non-sensitive agricultural products, and extend tariff-free treatment for lobsters. At the same time, the United States promises to reduce European Union tariffs on automobiles and parts from 27.5% to 15%, and implement zero or near-zero tariffs on certain products such as softwood, aircraft and parts, generic drugs and chemical precursors from September 1.
These two proposals are necessary legislative steps to implement the commitments of the first part of the European Union-US Joint Statement. Next, the European Parliament and the Council of the European Union need to approve through ordinary legislative procedures before the relevant tariff measures can take effect. (CCTV reporter, Gu Xin)