US cuts tariffs on European cars to 15% retroactively

The US lowers tariffs on European Union car imports to 15% under a trade framework agreement between the two sides

The US has lowered tariffs on European Union car imports to 15%, retroactive to Aug. 1, under a trade framework agreement reached between the two sides this summer.

The Commerce Department and the Office of the US Trade Representative said in a document published on Wednesday that the decision also covers tariff reductions and new duties on a range of goods, with exemptions for sectors such as aircraft, spare parts, certain pharmaceuticals, and metals.

The tariff cut on cars followed the EU’s Aug. 28 approval of legislation to reduce duties on US goods, paving the way for retroactive implementation.

European cars had previously faced tariffs of up to 25% in addition to existing duties before the latest decision took effect.