EU Reportedly Will Accept Trump’s Broad Tariffs but Seeks Key Exemptions

According to sources cited by Jinse Finance, the European Union is willing to accept a trade agreement reached with the United States, which includes a general 10% tariff on many EU export products. However, the EU hopes the US will commit to lower tariffs for key industries such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. The EU is also pushing for the US to set quotas and exemptions to effectively reduce the 25% tariff on automobiles and auto parts, as well as the 50% tariff on steel and aluminum. Sources indicate that EU trade chief Maros Sefcovic will lead a delegation to Washington this week to advance the negotiations. The European Commission also wants to ensure that both the current sectoral tariffs imposed by the US (such as those on cars and metals) and any future tariffs planned by the US are addressed.