U.S. and EU spell out tariffs for autos, pharmaceuticals, and more

The U.S. and European Union on Thursday revealed fresh details about their trade framework, including on hotly contested and anticipated pharma and semiconductor tariffs.

After weeks of heated negotiation, Brussels and Washington finally arrived at a trade agreement late last month, setting out 15% blanket tariffs on EU exports to the U.S. Under the deal, the EU also committed to purchase $750 billion worth of U.S. energy and invest at least an additional $600 billion in the U.S.

Many political and business leaders in Europe at the time expressed concerns about the deal being unbalanced. Several questions remained unanswered including on what tariff rate would apply to some goods U.S. President Donald Trump has hit with sectoral duties.

Thursday’s announcement at last shed more details at a time when many other trading partners are still waiting, and negotiating, for similar clarity on their respective trade deals with the U.S.

Speaking to journalists on Thursday after the announcement, EU Trade Commissioner Maros Sefcovic said that “this is the most favorable trade deal the U.S. has extended to any partner.”

“But this is not the end. This is the beginning. This framework is the first step, one that can grow over time to cover more sectors, improve market access, and strengthen our economic ties even further,” he added.