The statement said US tariff relief on autos and auto parts would kick in on the first day of the month in which the EU introduced the legislation, offering the prospect of retroactive relief for carmakers. It was not immediately clear when Brussels would start the legislative process.
The joint statement noted that the US agreed to apply only Most Favored Nation tariffs from Sep 1 on EU aircraft and parts, generic pharmaceuticals and ingredients, chemical precursors and unavailable natural resources, including cork.
It reiterated the EU’s intention to procure US$750 billion in US liquefied natural gas, oil and nuclear energy products, plus an additional US$40 billion of US-made artificial intelligence chips.
It also repeated the intention for EU companies to invest an additional US$600 billion across US strategic sectors through 2028.
Both sides committed to address “unjustified digital trade barriers,” the statement said, and the EU agreed not to adopt network usage fees.
They also agreed to negotiate rules of origin to ensure that the agreement’s benefits accrued predominantly to both trading partners.
In addition, they said they would consider cooperation to ring-fence their respective steel and aluminium markets from overcapacity, while ensuring secure supply chains between each other, including through tariff quotas.
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