According to various news reports, President Trump and European Commission President Ursula von der Leyen on Sunday, July 27, announced that the U.S. and European Union (EU) have reached a trade deal.
While more details are anticipated, here is what’s known so far:
The EU will buy $750 billion worth of U.S. energy, invest $600 billion in the U.S., and acquire additional U.S. military equipment.
The EU will lower its tariffs on U.S.-origin goods to 0%, while the U.S. will apply a 15% tariff, instead of the originally prescribed 30% tariff, on EU-origin goods, including automobiles.
Steel and aluminum from the EU will remain subject to a 50% tariff upon entry into the U.S.
The NCBFAA Customs Committee and Counsel of Sandler, Travis & Rosenberg will monitor additional details regarding this trade deal and others reached in the past week by the Trump administration, as well as track pertinent Customs and Border Protection (CBP) guidance, and present this information to our members as received.
NCBFAA will continue to keep our members updated about the U.S. tariffs through the Monday Morning eBriefing and eblasts, and a dedicated IEEPA Tariffs webpage on our website.
Attention: The Monday Morning eBriefing (MMeB) and other communications of the NCBFAA are the exclusive property of the Association. Unauthorized use by any person or firm which is not a member in good standing is strictly prohibited.
