The EU proposes to eliminate tariffs on industrial goods from the US, and to grant preferential treatment to some agricultural and seafood products, in exchange for the US lowering its automobile tariffs.

According to the Wisdom Finance APP, the European Union has stated that it has taken action in accordance with the requirements of US President Trump to draft a bill aimed at canceling all tariffs on American industrial products and granting preferential treatment to certain American agricultural and seafood products. According to a statement from the European Commission on Thursday, this will pave the way for the US to reduce tariffs on European cars and parts from 27.5% to 15%. The lower car tariffs will be retroactively implemented from August 1. An official from the Commission said that the relevant regulations still need to be approved by the European Parliament and member states, but the EU expects the US to immediately reduce car tariffs. The European Commission will skip the usual impact assessment process in such cases in order to expedite the proposal.