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Investing.com -- The European Union is finalizing a trade agreement with the United States that would protect certain key industries from impending tariffs, with commercial aircraft manufacturer Airbus Group SE (EPA:AIR) set to benefit from exemptions.
According to Bloomberg, citing people familiar with the matter, the European Commission is close to reaching a preliminary deal that would shield commercial aircraft from some tariffs that could be imposed as early as August 1.
The agreement is also expected to create carve-outs for certain automakers, primarily German companies like BMW AG (ETR:BMWG) and Mercedes Benz Group AG (ETR:MBGn) that operate factories in the United States.
Italian luxury sports car manufacturer Ferrari NV (NYSE:RACE) may not receive similar benefits, as the exemptions are likely to apply only to companies with manufacturing facilities on US soil, Bloomberg reports.
The spirits industry is also anticipated to receive tariff relief under the agreement.
The expected EU-U.S. trade agreement underscores Europe’s commitment to protecting strategic industries, with Airbus positioned as a primary beneficiary of planned tariff exemptions. This move highlights the EU’s efforts to safeguard its aerospace sector, even as companies like Ferrari (BIT:RACE) could be left out due to a lack of U.S.-based manufacturing.