The joint statement noted that the US agreed to apply only Most Favored Nation tariffs from Sep 1 on EU aircraft and parts, generic pharmaceuticals and ingredients, chemical precursors and unavailable natural resources, including cork.
This exemption did apply to include wine or spirits, a key EU demand, but the two sides agreed to consider other sectors and products for inclusion.
“So these doors are not closed forever,” Sefcovic said, while acknowledging that securing an exemption for alcoholic drinks would not be easy.
It reiterated the EU’s intention to procure US$750 billion in US liquefied natural gas, oil and nuclear energy products, plus an additional US$40 billion of US-made artificial intelligence chips.
It also repeated the intention for EU companies to invest an additional US$600 billion across US strategic sectors through 2028.
Both sides committed to address “unjustified digital trade barriers,” the statement said, and the EU agreed not to adopt network usage fees.
They also agreed to negotiate rules of origin to ensure that the agreement’s benefits accrued predominantly to both trading partners.
In addition, they said they would consider cooperation to ring-fence their respective steel and aluminium markets from overcapacity, while ensuring secure supply chains between each other, including through tariff quotas.
