Tariffs on EU Goods: Potential Impact on US Consumers

The U.S. and the European Union have announced a new trade agreement framework, which sets a 15% tariff on most goods imported from the EU. This is a reduction from the previously proposed 30% rate.

Last year, the U.S. imported $605 billion worth of goods from the 27-country bloc.

The agreement could have a significant impact on the price of goods like European-made cars and pharmaceuticals, which may be passed onto consumers.

Some products will be exempt from any tariffs, including aircraft parts, certain chemicals and generic drugs, and some agricultural products.

However, many businesses are still waiting to learn if the deal will impact them, including the alcohol industry.