The United States and the European Union laid the groundwork for a new economic alliance yesterday, Thursday, aimed at enhancing trade exchanges and joint investments while accelerating reshoring on both sides of the Atlantic.
A joint statement published by the White House highlighted that the agreement embodies the commitment of both parties to establish fair and balanced trade relations based on mutual benefit, with a focus on addressing existing trade imbalances.
The new framework seeks to strengthen economic partnership by boosting investments and eliminating the European Union’s tariffs on a wide range of American industrial products, while providing preferential access for various American goods. In return, the United States will impose a 15% tariff on most European imports.
Both sides also agreed to cooperate in the energy supply sector to ensure security of supplies by removing non-tariff barriers that may restrict exchanges in this area.
The statement affirmed that this agreement represents an initial step in a process that could be expanded in the future to include new areas, improving market access and enhancing investments.
European companies are expected to inject an additional $600 billion in strategic sectors within the United States by 2028.
