Brussels, Belgium – European Commission President Ursula von der Leyen confirmed that the European Union has abolished customs duties on imports of US industrial products, considering the decision a new boost for transatlantic trade.
Von der Leyen stated in a post on the X platform that the decision provides greater transparency, along with broader options and better prices for companies and consumers within the European Union.
She added that this step comes in implementation of the commitment contained in the joint statement between the EU and the US, confirming that the Commission has fulfilled its pledges under the framework agreement.
Enhancing Transatlantic Economic Relations
The European Commission President stressed that the decision reflects the importance of the economic partnership between the two sides, describing transatlantic relations as the most important globally.
She called for ongoing efforts to strengthen trade and investment cooperation to serve mutual interests and support global economic stability, especially in light of current international supply chain challenges.
Experts believe this move will reshape investment relations between Brussels and Washington, allowing European companies greater opportunities for growth and access to production inputs at highly competitive prices.
Conclusion of Year-Long Negotiations
The decision follows the final approval by EU countries of the trade agreement with the United States last week, ahead of the deadline set by US President Donald Trump on July 4, ending a year of stalled talks.
The negotiation rounds over an entire year witnessed setbacks in several sensitive trade files, but the mutual desire to avoid tariff escalation ultimately led to this significant economic consensus.
The abolition of tariffs is expected to stimulate industrial trade between both sides, reduce import costs, and enhance the competitiveness of companies in European and American markets during the upcoming phase.
