The framework agreement reached on July 27 between Trump and von der Leyen imposes tariffs of 15% on European exports. While aerospace and spirits are expected to be exempt, the extra costs for pharmaceuticals, wines, cosmetics and luxury goods is unclear. In return, the EU committed to massive investment in America and increasing imports from the U.S.A.
While Bernard Arnault announced on July 24 a plan to open a new factory in Texas by 2027—his 8th in the US—the 27 European countries are preparing to face unprecedented levels of taxes on exports to the U.S.A. After months of negotiations and announcements of up to 30% in recent weeks, the US and the EU reached a verbal “deal” on Sunday, setting tariffs at 15% (this rate includes all existing taxes).
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Article authors
Sophie Baqué
Chief Editor of mind Retail