Posted by TechCrunch on January 23, 2018 12:14:56Today, Congress passed a trade deal with Europe that could make it easier for US companies to trade with European companies and make it harder for companies to sell to the US.
The US Trade Representative, the US Trade Department, and the European Commission were quick to point out the benefits of this deal for both the US companies and the US consumers, but it’s still unclear exactly what will happen when the agreement goes into effect in March 2019.
The Trump administration has made clear that the US will continue to impose tariffs on imports from the EU and European countries.
The European Commission said the agreement will “provide certainty to US exporters and consumers” but also help “protect US jobs, jobs and jobs”.
The US Congress has approved trade deals that impose tariffs that are “unlikely to have a negative impact on the US economy”, the White House said in a statement announcing the agreement.
The agreement will also allow US companies who export to the EU to continue to sell products to the United States at a tariff rate below that of their EU competitors.US Trade Representative Robert Lighthizer said in an interview with Bloomberg News that the trade deal will help American exporters.
“We’re going to have tariffs on the products coming into the US at a very low rate, so there’s no significant impact on our exporters,” he said.
Lighthizer noted that the agreement is “very broad”, meaning it can cover any goods or services that US companies might want to sell in Europe.
He said the deal will make it “much easier” for US expats to trade freely with Europeans and they will also be able to sell their products to Americans at a “lower tariff rate”.
The agreement is expected to boost the US manufacturing sector by creating new jobs in the US as well as boosting US exports to Europe.
In addition, the agreement “will provide certainty to the exporters, who will now be able see that their products will not be subject to tariffs that would negatively impact US exponents or US consumers,” the White.
House spokeswoman Sarah Sanders said in statement.
“The President’s Trade Policy Strategy will create tens of thousands of jobs in this country and improve our economy and security.
This will also provide a clear path to trade in goods that Americans rely on every day.”
In 2019, this administration will continue working with Congress to achieve the goals set out in the Trade In Goods Agreement,” she said.