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Investing.com -- The European Union faces a 15% tariff on all goods entering the United States, Reuters reported on Tuesday, citing an EU official.
This all-inclusive rate incorporates the Most Favoured Nation Rate, setting the EU apart from some other countries that have special trade agreements with the U.S.
The official clarified that the 15% tariff applies universally to EU exports with only a few exceptions, according to the report.
Steel and aluminum products are not covered by this rate and follow different tariff structures.
Currently, pharmaceuticals and semiconductors from the EU enter the U.S. market duty-free. However, the official noted that if tariffs on these products increase as a result of ongoing U.S. Section 232 investigations, they would still be capped at the 15% maximum rate.
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