Photograph: Richard Rodriguez/Getty ImagesThe European Union (EU) expects that the US won’t increase its universal tariff on the bloc to 15 per cent, even after Treasury Secretary Scott Bessent said the higher rate would likely go into effect this week. The EU received assurances that the US will keep a 10 per cent universal tariff rate in effect for the bloc’s exports, according to people familiar with the matter, who spoke on the condition of anonymity. At the time, the US president threatened to increase the level to 15 per cent, but so far hasn’t introduced it. The EU-US struck a trade deal last summer that would impose a 15 per cent tariff on most EU exports to the US while removing tariffs on many American goods heading into the bloc. Bloomberg reported earlier that the lower 10 per cent levy — in addition to most-favoured nation tariffs already in place — would leave about €4.2 billion ($4.9 billion) of EU exports facing tariffs above the 15 per cent ceiling agreed in the EU-US trade accord.

Source: The Irish Times March 04, 2026 18:47 UTC