【EU Proposes to Eliminate Tariffs on US Goods to Encourage Reduction of Auto Tariffs by the US】Golden Financial reports that the European Commission proposed on Thursday local time to eliminate import tariffs on US industrial products, as part of a trade agreement reached with the US, which should allow for a retrospective reduction of tariffs imposed by the US on European cars. This proposal is the first step in implementing the framework agreement reached on July 27 between US President Trump and European Commission President Ursula von der Leyen. Under this agreement, the EU accepts a broad tariff of 15% to avoid a destructive trade war. The US has agreed to reduce tariffs on cars produced in the EU from 27.5% to 15% starting from the first day of the month in which the EU's legislative proposal is submitted (i.e., from August 1).