Topic: Customs Duties

The European Union and the United States have reached a compromise on trade, implementing new customs duties to avoid a full-scale trade war. The agreement sets a maximum duty of 15% on various EU exports, a move intended to protect millions of jobs in European small and medium enterprises. European officials defended the deal as a necessary step to maintain economic stability.

The U.S. has begun enforcing broad reciprocal tariffs, raising the average rate from 2% to 15%. While allies like Japan and the EU have accepted 15% rates, India faces 50% tariffs due to Russian oil purchases. The program has generated over $150 billion in revenue by July, though critics warn of higher consumer prices.