EU and Italy move to tax fast fashion imports to protect local market

The European Union is preparing a detailed action plan to advance its trade agreement with the United States, focusing on reducing tariffs, improving market access, and boosting economic security cooperation ahead of a key meeting in Brussels later this month.

The plan aims to address ongoing trade frictions, with Brussels seeking to lower the 50% tariffs that still apply to European steel and aluminum exports, while preserving the 15% tariff ceiling agreed in the summer deal between the two sides. It also calls for deeper collaboration on digital trade, technical standards, and non-tariff barriers that affect EU businesses.

As part of the proposal, the EU plans to establish an economic security working group to coordinate on investment screening, export controls, and the supply of critical raw materials. The plan will also monitor joint investments in liquefied natural gas and semiconductors, reflecting both sides’ efforts to strengthen transatlantic economic ties amid global trade uncertainty.