An industry advocate says Illinois manufacturers could benefit from a new U.S. trade agreement with the European Union, even though the deal includes tariffs.
President Donald Trump and European Commission President Ursula von der Leyen announced this week that the EU would pay the U.S. a tariff rate of 15%, eliminate tariffs on U.S. industrial goods and purchase $750 billion worth of U.S. energy. The agreement also calls for Europe to make new investments of $600 billion in the United States by 2028.
Illinois Manufacturers’ Association President and CEO Mark Denzler said it’s important to create stability and certainty.
“Certainly American manufacturers can compete with anyone globally if the playing field is level and fair. This advances that in that direction,” Denzler told The Center Square.
Illinois companies exported more than $80 billion worth of goods and services last year, including about $12.6 billion to countries in the European Union.
Denzler said the impact of tariffs vary by sector but ultimately result in higher prices.
“Companies will have to make the decision. Is that a cost they can absorb? Is it something that gets passed on to the consumer? Every company is going to have to make that decision for themselves,” Denzler said.
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Author: Ray Hilbrich
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