Tariff crisis Trump's tariff policy

EU and US agree on new details – cars and pharmaceuticals to receive 15 percent tariffs

The US and EU have published more details of their trade agreement. From September 1, a general tariff of 15 percent will be introduced on several EU goods to the US, including pharmaceuticals, semiconductors and wood products.

The agreement is seen as a relief for European industry, which previously risked significantly higher tariffs.

At the same time, the EU undertakes to remove tariffs on US industrial goods and provide preferential conditions for US agricultural and fish products, as well as increase purchases of US energy and defense equipment.

The automotive sector is also included: Tariffs on EU cars are set at 15 percent, compared to the previously threatened 30 percent.

EU summit on the tariff agreement: "Best deal the US has given"

EU Trade Commissioner Maros Sefcovic is very satisfied with the trade agreement with the US, reports CNBC.

“This is the best agreement the US has ever given to any partner,” Sefcovic told reporters on Thursday.

He added that the agreement can be seen as the first step in a longer process – a framework that can now grow and over time include more sectors.

A general tariff of 15 percent will be imposed on several EU goods to the US from September 1. One sector that is not included, however, is wine and spirits.