Questions remain over which areas are exempt from US tariffs on EU goods, RTÉ’s Economics and Public Affairs Editor David Murphy has said.
Speaking on RTÉ’s One News programme, Mr Murphy said there is an awful lot of trade in terms of wine and spirits between the EU and the US and there was talk that those imports could be exempt from tariffs.
However, any exemption for these products remains uncertain.
In relation to pharmaceuticals, Mr Murphy said the US investigations into pharmaceuticals and semiconductors will need to play out before there is certainty surrounding tariffs on those products.
“Thereafter, there is an expectation that there would be a tariff with a ceiling on that of 15%,” he said regarding possible future tariffs on pharmaceutical imports.
However, Mr Murphy stressed that the EU deal with the US was better than some others with Canada hit with 35% tariffs, India subject to a 25% rate and tariffs of 39% placed on Swiss imports to the US.
Today had been set as the deadline for reaching a trade deal with the US, but following a breakthrough in talks last Sunday, an agreement was reached on a 15% levy on most EU exports to the US, expected to take effect on 7 August.
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