The European Union plans to remove tariffs on U.S. industrial goods as it looks to ensure Washington cuts duties on auto imports as soon as possible. CNBC's Megan Cassella joins 'Money Movers' to discuss the latest in Trump's trade negotiations.

Brussels

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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The European Commission has introduced proposals aimed at reducing tariffs on US industrial goods and preserving market access for US agricultural products, including maintaining low tariffs on US lobster. These measures are part of the implementation of a previously announced EU-US trade framework deal. The proposals, if passed, would also set the stage for the US to lower its tariffs on cars and car parts imported from the EU, a key element of the agreement that has not yet been enacted.

While the framework deal was announced earlier, the actual reduction in car tariffs has been delayed pending further steps from both sides. Similar negotiations are ongoing with Japan, where implementation hurdles have also postponed the lowering of US car tariffs. The EU's actions are seen as necessary to trigger reciprocal tariff reductions from the US, with ongoing talks expected to resolve remaining issues.

EU is set to remove tariffs on U.S. industrial goods

We're getting a news alert this morning out of Washington. Let's get back to Megan Casella. Morning, Megan. Hey guys, good morning again. So some trade news coming out of Brussels just now. The European Commission formally taking some steps today to better implement that EU, US-EU trade framework deal that was announced earlier this month. They're putting forward two proposals today that they hope to pass before the end of the month. One would cut, keep preferential market access for a number of US industrial goods, cut tariffs on many of those, and to preserve some market access for US agriculture and to preserve low tariffs on US lobster. It sounds formulaic, but this is a step that the EU has to take in order for the president to then agree to lower those car tariffs down to 15% as was announced as part of the framework deal. It was announced as if it was already happening, but when they put out the details and changed the overall EU tariff to 15%, they kept those car tariffs where they were at 27 and a half percent for European imported vehicles, a big hit, especially to Germany. So the EU now taking this step, if they pass this by the end of the month, it would backdate the lower car tariffs to August 1st. So we should expect more movement on this, but now we know they're formally moving it forward in the hopes that the White House then responds with those lower tariffs for cars and car parts, guys. Megan, while we have you, there was a headline last night that Akizawa of Japan had canceled his trip to the US, but then there were others that suggested maybe it was just a short delay. Do we know much more about that? A little bit. I'm glad you brought that up because it's actually a very similar situation happening with Japan as was with the EU. The lower car tariffs for both of those trading partners was one of the biggest wins in those trade framework deals. But with both trading partners, the White House has not lowered the car tariffs because they're waiting for the other countries to take some more implementation steps. So Akizawa was supposed to be coming here to sort of nail down some of that and to work on the implementation the way the EU is doing now and said that there were some sort of hurdles. We don't know exactly what they are yet, but we know that at the lower level, talks with Japan are supposed to be ongoing and continuing once they work those out. Maybe he reschedules the trip and then we would see the car tariffs lowered. But I do think it's important to note that for both trading partners, both major sources of imported cars, even though the tariffs were announced as being lowered to 15 percent, it hasn't happened yet. And there are a number of steps towards implementation until that happens. Yeah. Yeah. Obviously, auto is a huge, huge part of both both deals or would be deals. Megan, thank you. Megan Kozella.

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Kyiv

Ukraine Invasion

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Minneapolis

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New York

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Starbase

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Council of the City of Sydney

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EU is set to remove tariffs on U.S. industrial goods

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