EU-US trade deal: What it means for Begoma

15 percent tariffs on most goods exported to the U.S. That is the result of this summer’s new trade deal between the European Union and The United States. What does this mean for Begoma and our customers?

After a period of uncertainty for the global economy, The United States and the European Union reached an agreement on tariffs and trade in the end of July this year. The deal follows months of negotiations and varying degrees of fear over a trade war.

With this deal, a renewed sense of predictability allows companies to better plan and structure their business. The agreement stipulates 15 percent tariffs on most goods exported from the EU to the U.S, a sharp contrast to tariffs of up to 40 or 50 percent, which have been circulated during negotiations.

How does the trade deal affect Begoma?

The short answer is simply: not very much. Our current contracts and agreements are unaffected and for Begoma as a whole, we consider this development as business as usual.

The majority of Begoma’s business operations are conducted within Europe and through imports and exports to and from neighboring countries. We do handle some transports for customers exporting goods to the U.S, but our assessment is that the trade deal will have a manageable impact on these operations.

For Swedish companies in general, higher tariffs are seldom welcome. Being a trade dependent country, having free trade is generally the most desirable outcome.

At Begoma, we have decades of experience handling customs related tasks and we have a deep regulatory knowledge in these matters. We also have a strong local presence in key markets throughout Europe, ensuring that imports and exports can proceed smoothly.

Don’t hesitate to contact us directly if you have any questions or seek advice on navigating these new regulations.