Still very unclear about US tariffs against the EU
Stockholm – The USA’s extensive tariff package on goods from all over the world has been implemented.
However, on Thursday, the tariff rates had not yet been entered when the Swedish Agency for Economic and Regional Growth (the Swedish authority for foreign trade, the EU’s internal market, and trade policy) tested the system with various goods. It is the EU Commission that will enter the tariff rates that are now applicable.
“We still see no confirmation that goods are subject to the new tariff rate on either side of the Atlantic, even though the system has politically come into effect,” says Michael Koch, head of the Economic Analysis Unit at the Swedish Agency for Economic and Regional Growth, to TT.
Despite the agreement being criticized as a major concession from the EU’s side, the fact that it has come into effect has spread a certain calm among companies, according to Koch. However, the Customs Hotline – which the Swedish Agency for Economic and Regional Growth established last spring to support companies affected by the US tariffs – receives daily calls from concerned entrepreneurs.
What they are now receiving several calls about is how a product that partially consists of steel should be itemized separately.
A number of uncertainties remain regarding the agreement on 15 percent tariffs for most goods from the EU to the USA, which has not yet landed in any legally binding agreement. There is no clarity, for example, on whether a product assembled from different parts from, for instance, China, but exported from Europe, should be subject to Chinese or European tariffs, says Michael Koch.
Moreover, tariffs on major export sectors such as steel, aluminum, and pharmaceuticals are still under negotiation.
(August 7)
