US to cut EU auto tariffs to 15% after EU eases tariffs on US goods

The US and the EU have finalized a trade agreement that includes a significant change in import tariffs. The EU will buy US$750 billion in energy products and US$40 billion in AI chips from the United States.

In return for the EU’s concession on tariffs, the US will cut auto tariffs to 15%. US officials anticipate that this reduction could be implemented within weeks.