EU and US agree trade deal
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US-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock
EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.
The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.
Experts at Bankrate have warned that the cost of President Donald Trump’s tariffs could ultimately be passed on to American consumers, unless importers or businesses absorb the costs
A provisional deal between the United States and European Union to exempt aircraft from tariffs avoids a potential threat to jet production and deliveries in both regions and caps months of uncharacteristic unity among plane-making rivals.
Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.
The European Union and the United States reached a new trade agreement on tariffs over the weekend, which is expected to result in only modest increases in the cost of cars and auto parts imported from EU countries,
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Agence France-Presse on MSNIreland's 'economic miracle' at risk from tariffs
The deal between the United States and the European Union may have averted a transatlantic trade war, but worries persist in Ireland where crucial sectors are dependent on US multinationals. But "higher tariffs than there have been" will make transatlantic trade "more expensive and more challenging,
A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.