Odaily Planet Daily reported that the European Commission proposed on Thursday to eliminate import tariffs on U.S. industrial goods as part of a trade agreement with the United States that should retroactively reduce U.S. tariffs on European cars. The proposal is the first step in implementing the framework agreement reached on July 27 between U.S. President Trump and European Commission President Ursula von der Leyen. Under the agreement, the EU accepted a broad 15% tariff to avoid a destructive trade war. The U.S. has agreed to reduce tariffs on EU-produced cars from 27.5% to 15% starting on August 1, the first day of the month the EU legislative proposal was submitted. (Jinshi)

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