NASHVILLE, Tenn. (WTVF) — President Trump announced a new trade deal framework over the weekend with the European Union.
So what does that mean for you and your wallet?
The details are still being hammered out. But what we know as with any tariff consumers will likely wind up shouldering at least some of the cost.
The US and the European Union announced a new trade agreement framework over the weekend.
It sets a 15 percent tariff on most goods imported from the EU, as opposed to a previously proposed 30 percent rate.
The US imported 605 billion dollars worth of goods from the 27-country bloc last year.
Complete details of the agreement have not been made available, but it could have a major impact on the price of goods like European-made cars and pharmaceuticals which may be passed onto consumers.
Some products will be exempt from any tariffs including aircraft parts, certain chemicals and generic drugs and some agricultural products.
Many businesses are still waiting to learn if the deal will impact them including the alcohol industry.
US businesses and importers would prefer no tariffs, but it's important to note that a 30 percent tariff on e-u imports was set to take effect Friday.
So by that measure, this new 15 percent rate on most goods is a big win.
Do you have more information about this story? You can email me at jennifer.kraus@newschannel5.com.
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