The US will on Tuesday unveil a bold proposal to eliminate tariffs on manufactured goods, calling for countries in the World Trade Organisation to sweep away all duties no later than 2015. . . .

The key elements of the US proposal, according to industry and congressional officials briefed on the plan, are: A rapid reduction in high tariffs on non-agricultural products, so that by 2010 there would be no tariffs above 8 per cent. All tariffs would then be reduced progressively to zero by 2015. The elimination, no later than 2010, of all duties that are currently below 5 per cent. A parallel initiative calling for faster elimination of tariffs in many industrial sectors such as chemicals, paper, wood and construction equipment.

Wonder how it’ll fly in Europe?