Exports of products manufactured in Europe to the U.S.A. are now subject to 15% customs duties. While the aeronautics sector is exempt, this is not the case for wines, spirits, cosmetics and luxury goods as four categories of products that are sensitive for the Old Continent's economy. In return, the EU committed to investing and importing huge sums into the U.S.A.
On August 21, in a “joint statement” that is neither binding nor definitive, the European Union (EU) clarified the framework for applying the 15% tariffs established at the end of July between the US and the EU. This declaration confirms the failure of attempts to exempt wines and spirits, which will also be taxed at 15%, as will luxury goods (fashion, leather goods, jewellery, perfumes), cosmetics, aeronautics, pharmaceuticals and semiconductors.
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Article authors
Sophie Baqué
Chief Editor of mind Retail