America, EU agree on framework trade deal

The United States and the European Union on Thursday locked in a framework trade deal reached last month that includes a 15% US tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.

- Reuters

In a 3-1/2-page joint statement, the two sides listed the commitments made, including the EU's pledge to eliminate tariffs on all US industrial goods and to provide preferential market access for a wide range of US seafood and agricultural goods.

Washington will take steps to reduce the current 27.5% US tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on US goods, it said.

US President Donald Trump and European Commission President Ursula von der Leyen announced the deal on July 27 at Trump's luxury golf course in Turnberry, Scotland after an hour-long meeting that followed months of negotiations.