The EU has proposed the elimination of US tariffs on goods to encourage the US to reduce auto tariffs.

BlockBeats News, August 28th, the European Commission proposed on Thursday local time to lift import tariffs on U.S. industrial goods as part of a trade deal with the United States, which is expected to lead to a retroactive reduction in U.S. tariffs on European cars. This proposal is the first step in implementing a framework agreement reached on July 27th between U.S. President Trump and European Commission President von der Leyen. Under the agreement, the EU agreed to a 15% tariff on a wide range of goods to avoid a destructive trade war. The U.S. has agreed to reduce tariffs on EU-produced cars from 27.5% to 15% starting from the first day of the month following the EU's legislative proposal submission, which was August 1st. (Golden Finance)