The European Union intends to speed up the adoption of legislation to eliminate all duties on industrial goods from the United States by the end of the week, Bloomberg writes, citing sources.

The demand was made by US President Donald Trump in exchange for a reduction in import duties on car imports from the EU.

The European Commission, which is responsible for the union's trade policy, will also grant preferential duties on certain seafood and agricultural products, the agency said.

According to his sources, the European Commission intends to dispense with an impact assessment of the new legislation - a standard procedure in such cases - to speed up the process.

Why does the EU care?

The EU recognized that the trade deal reached with Trump plays into the hands of the U.S., but called it necessary to provide business stability and certainty, Bloomberg writes. Earlier, the U.S. said it would not cut duties on European cars from the 27.5% level until the EU passes laws to eliminate levies on U.S. manufactured goods. Almost all other goods from the EU will be subject to a 15% trade levy.

If the European Union lifts its duties on U.S. goods by the end of the month, the 15% rate on European cars will be applied retroactively to August 1, Bloomberg writes.

The auto industry is one of the key components of European exports to the United States. In 2024, Germany alone will supply the U.S. market with new cars and parts worth $34.9 billion.

This article was AI-translated and verified by a human editor

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