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On August 4, reliable sources disclosed that the European Union anticipates US President Trump to announce an executive order this week, officially confirming a reduction in tariffs on EU automobiles and granting exemptions on certain industrial products, including aviation parts. Additionally, both parties intend to release a joint statement detailing the political accord reached last month between President Trump and European Commission President Von Der Leyen. Per the terms of this agreement, the majority of EU exports, which were previously subject to a 15% tariff in the US, will now benefit from a reduced rate. This reduction would extend to the automotive sector and potentially future sectors like pharmaceuticals and semiconductors. Currently, the US imposes a 25% tariff on EU automobiles.
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