EU-US Draft 15Pc Tariff Agreement Appears To Include Pharma, Chips

janrinok writes in with the following story:

Pharmaceuticals and semiconductors appear to be included in the draft 15pc tariff deal agreed yesterday (27 July) between the EU and the US administration.

Large trade deals are complex and cannot of course be completed in months, but following a meeting between US president Donald Trump and EU commission president Ursula von der Leyen yesterday (27 July), a headline agreement has been reached that sees a single 15pc tariff on most EU exports to the US.

Commentators are still parsing the details. As with all deals agreed with the US under the current administration, details are sparse, and there is little certainty, but there will be some relief that any further trade war escalation has been postponed for now, ahead of the 1 August deadline set by Trump.

We have stabilised on a single 15pc tariff rate for the vast majority of EU exports," said von der Leyen in a press conference yesterday. This rate applies across most sectors, including cars, semiconductors and pharmaceuticals. This 15pc is a clear ceiling. No stacking. All inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial."

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