EU, US Lay Out Next Steps on Tariffs to Rebalance Trade Ties (1)

The US and European Union took the next steps to formalize their trade pact, detailing plans that could reduce tariffs on European automobiles within weeks while opening the door to new potential discounts for steel and aluminum.

The joint statement issued Thursday advances the preliminary deal announced a month ago, by including specific benchmarks for the EU to secure its promised sectoral tariff discounts on cars, pharmaceuticals and semiconductors, as well as new commitments to cooperate on economic security matters, food standards and digital trade.

WATCH: The EU and US take steps towards finalizing their trade agreement.

Source: Bloomberg

President Donald Trump has repeatedly praised the sweeping US-EU trade framework, extolling it ...