EU-US tariffs deal: details and implications of 15% also on cars, drugs and chips. Wine out of the pact

An official of the European Commission, in a briefing with journalists, then points out that 'there are no numbers in the text, so we are not making a specific commitment. We are not committing ourselves to anything specific. We are basically saying that we are increasing our military and defence spending and, of course, the United States being a major supplier of equipment, we expect that, as part of our overall increase in military spending, we will also buy more US equipment, just as we expect to buy a lot more and build a lot more within the European Union'.

On the Digital Market Act and the Digital Service Act "we kept these issues out of the trade negotiations, focusing on what was clearly the priority, and therefore you will not find any reference to them in the joint statement". "There will be many issues that will be discussed, but to be very clear: regulatory autonomy is absolutely important" and "this has been our position from the beginning to the end of this joint statement". This was said by EU Trade Commissioner Maros Sefcovic at a press conference.

The one signed with the US "is the most favourable trade agreement the US has ever extended to a partner," Sefcovic said. He emphasised that "where existing tariffs are already 15% or higher, no additional tariffs will be applied. This means that the EU will benefit from significantly lower effective tariffs than other countries".

In addition, 'we obtained important exemptions, zero or no tariffs in relevant sectors. This includes unavailable natural resources such as cork bark, aircraft and aircraft parts, generic drugs and their ingredients, and chemical precursors'. But 'this is only the first step', the EU and US will 'explore exemption of further sectors in the future'.

Finally, 'tariffs on cars and parts will drop to 15 per cent as of 1 August, helping our automotive industry to remain globally competitive'.

The EU and US then intend to 'work together to protect our economies from overcapacity in the steel and aluminium sectors. In practice, we will work together on tariff-rate quota solutions to ensure security of supply in these critical industries'.

"Tariffs on wine, spirits and beer were one of the most important interests of the European Union. Unfortunately, we did not manage to get this sector and this category among the sectors that would continue to be at 'Npf' level" the 'most favoured nation' criterion. This was said by EU Trade Commissioner Maros Sefcovic at a press conference. "Both sides, the US and the EU, are ready to consider other areas": "the doors are not closed forever". As the European Commission 'we will work as hard as we can to spread the sectors' also to wine and spirits, as well as steel and aluminium.

The EU has pledged to purchase 'a steady supply of artificial intelligence chips from the US, destined for European computer centres, worth at least $40 billion'. This was confirmed by EU Trade Commissioner Maros Sefcovic, explaining the details of the joint statement formalising the framework agreement on tariffs reached at the end of July between the EU and the US. "On our side, the Commission will take concrete steps to eliminate tariffs on all US industrial goods, expand market access to the US for fish and agricultural products, and strengthen European energy security through purchases of US liquefied natural gas, oil and nuclear products worth $750 billion by 2028," Sefcovic confirmed.

The joint EU-US statement on tariffs confirms the EU's commitment to purchase $750 billion (almost 690 billion euros) in US 'LNG, oil and nuclear products' by 2028. It had already been announced at the end of the summit in Scotland between President Ursula von der Leyen and US President Donald Trump. And in addition to the EU's commitment to purchase at least $40 billion (almost €37 billion) worth of US AI chips for its data centres, the document stipulates that European companies will invest $600 billion (€552 billion) in strategic sectors in the US by 2028.

"The EU-US Joint Declaration on Trade provides predictability and stability for transatlantic economic ties and European businesses. The EU must continue to deepen and expand its global trade partnerships'. This was written by the President of the European Council, Antonio Costa, on X, echoing a post by the President of the European Commission, Ursula von der Leyen, in which she spoke about the concrete results of the declaration. "Predictability for our businesses and consumers. Stability in the world's largest trade partnership. And security for European jobs and long-term economic growth. This EU-US trade agreement delivers concrete results for our citizens and businesses and strengthens the transatlantic relationship," the president wrote.

"The EU-US joint statement that formalised today the political understanding reached on 27 July in Scotland between President Von der Leyen and President Trump finally provides the business world with a clear picture of the new framework for transatlantic trade relations." This was stated in a note from Palazzo Chigi.

'This is not yet,' it is emphasised, 'an ideal or final point of arrival, but some important milestones have already been achieved, starting with avoiding a trade war and laying the foundations for mutually beneficial trade relations'.

The tariffs agreement with the European Union 'is the most important of all not only economically, but strategically'. This was said by Donald Trump's god economic adviser, Peter Navarro, speaking to reporters at the White House. "We have a huge trade deficit with the EU, a big threat to our national and economic security. It was a really important mountain to climb and we did it," he added.

Navarro clarified that 'there will be no exemptions or exclusions for tariffs on steel and aluminium'. "During the first term every time we granted an exemption to one of our allies, they completely abused it, that is why we will not do it again," he added.