US tariffs on European pharmaceuticals and semiconductors will not exceed 15% under a new agreement with the European Union (EU) while the EU intends to eliminate tariffs on all US industrial goods.
The softening of the US position, which three weeks ago , is being welcomed by Europe. It builds on the previous agreement signed on 27 July in which the .
Europe has also pledged to invest an extra $600bn across strategic US sectors in the same timeframe including buying $40bn-worth of AI chips.
Taking note of US concerns related to treatment of US small and medium-sized businesses under the Carbon Border Adjustment Mechanism (CBAM), the European Commission said it will commit to work to provide “additional flexibilities” in the CBAM implementation.
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