The United States and European Union on Thursday issued a joint statement on Aug. 21 revealing details of a transatlantic trade agreement that sets a 15 percent ceiling on most U.S. tariffs applied to EU exports, including cars, pharmaceuticals, semiconductors, and lumber.
The deal builds on the political agreement struck by President Donald Trump and European Commission President Ursula von der Leyen in late July, following weeks of negotiations between EU Trade Commissioner Maros Sefcovic, U.S. Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer. It also creates exemptions for sectors such as aircraft, cork, and generic pharmaceuticals, while committing both sides to strengthen supply chains in steel and aluminum through a tariff rate quota system….