EU expects exemption from US import tariff increase to 15%

The European Union expects that the United States will not increase import tariffs on European goods to 15% for the time being. According to sources in Brussels, European negotiators have been assured that the current 10% rate will remain in place, despite statements from Finance Minister Scott Bessent that an increase could be introduced as early as this week.

Increase does not appear to apply to the EU

The US government threatened to increase the universal import tariff from 10 to 15% after a judge declared large parts of the previous tariff policy invalid. This increase does not appear to apply to the EU for the time being.

Official confirmation is lacking. Both the U.S. Trade Representative’s office and the European Commission declined comment.

Trade agreement between EU and US not yet in force

The situation is related to a trade agreement that the EU and the US reached last year. It was agreed that the US would levy 15% on most European exports, while Europe would admit many American goods without import duties. However, the agreement has not yet been approved by all EU institutions.

According to European calculations, even the lower rate of 10% would result in approximately 4.2 billion euros in European exports still exceeding the agreed limit of 15% when existing import duties are included.

Cheese, butter and chemical products may be taxed more heavily

Certain agricultural products and industrial goods in particular may be affected. Think of cheese, butter, some agricultural products and various types of plastic, textiles and chemicals. Other products, such as some spirits, would actually receive a lower rate than 15%.

The EU is one of the US’s largest export partners. Changes in import tariffs could have major consequences for trade, businesses and financial markets on both sides of the Atlantic.