Brussels/Hanoi – The European Union is confident that the United States will comply with the commitments stated in the joint EU-US declaration regarding their mutual trade and customs agreement. European companies and exporters are expected to face no tariffs higher than the agreed 15 percent. This assertion was made on Friday during a media briefing in Hanoi by European Commissioner for Trade and Economic Security Maroš Šefčovič, as reported by TASR’s Brussels correspondent.
Maroš Šefčovič informed TASR earlier this week that he would participate in a meeting of a special committee overseeing European-Vietnamese trade relations in Hanoi. After this meeting, his office shared an interview he conducted with the media.
The major concerns faced by the Slovak European Commissioner in Hanoi arose from American President Donald Trump‘s announcement on Thursday (September 25) regarding the imposition of new tariffs on global trading partners effective October 1. These tariffs will include 100 percent on all branded or patented pharmaceutical products unless produced in the U.S., 25 percent on trucks sourced from elsewhere, 50 percent on kitchen and bathroom cabinets, and 30 percent on upholstered furniture.
The Americans have clearly committed that EU pharmaceutical goods will incur a 15% customs duty
Šefčovič reiterated the commitment from the joint EU and US statement issued in August, emphasizing that EU pharmaceutical products will face a 15% customs duty. “During the preparation of the joint statement, the American inquiry was already in progress. We agreed that both pharmaceutical products and semiconductors would be included under this ceiling. I expect these commitments to be honored, and thus far, both parties have adhered to the joint statement’s commitments,” he stated.
He pointed out that the Trump administration enacted orders on Thursday that retroactively apply a 15% tariff on cars and parts from August 1 and on planes and generics from September 1.
“Both sides have honored their commitments; we presented our tariff reduction proposal on American goods to the EU by the end of August. I believe we will continue to fulfill the commitments outlined in the joint statement effectively,” he remarked.
On Thursday, Šefčovič met with the U.S. Trade Ambassador Jamieson Greer during a working meeting of ASEAN trade ministers in Malaysia, where they addressed tariffs on aluminum and steel, among other issues. In Hanoi, he shared that he informed Greer in Kuala Lumpur about measures the EU is taking to protect its steel industry, which is affected by excessive steel imports. He emphasized the burden of high customs duties on European steel and aluminum manufacturers.
“We agreed that I would develop specific proposals to address this issue and likely send them to my American counterparts over the weekend. These proposals will address the mutual trade in steel and aluminum, particularly regarding special steel in limited amounts. We can find a resolution since we do not pose a problem for each other in the export of steel and aluminum,” Šefčovič explained. (September 26)
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