The agreement is most important for the automotic industry, as tariffs will be reduced from 27.5% to 15%.
The trade agreement between the United States and the European Union has avoided increasing relationships with transatlantic trade. It was said by German Chancellor Friedrich Mertz, Deutsche Welle reported.
“We were allowed to avoid a trade conflict that could hit the German export economy,” the politician emphasized.
Mertz noted that the agreement was most important for the automotic industry, as Trump’s tariffs would be reduced from 27.5% to 15%.
“Everyone benefits from stable and predictable trade relations with access to the market for both sides – both on this Atlantic side and the other, both businesses and consumers,” said the German Chancellor.
Remember, on July 27, the United States and the EU entered into a trade agreement. The duty that the US imported for the EU would be 15% (as the EU duty for the United States), and not 30%, as if the agreement had not reached.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.