First off, the accord officially establishes a 15% tariff rate for pharmaceuticals from the EU, a top source of U.S. drug imports. Generic pharmaceuticals will be exempt from the new agreement, meaning such drugs will face a roughly 2.5% tariff rate in place prior to the Trump administration.

The EU and the US have signed a joint statement to retroactively reduce US tariffs on cars and car parts from 27.5% to 15%, contingent upon the EU initiating

Details of a US-EU trade deal published Thursday showed Brussels secured a tariff reduction for cars exported to the United States but failed to win a reprieve for its cherished wine sector.US President Donald Trump and EU Commission President Ursula von der Leyen clinched a framework accord in July for most EU exports to face a 15-percent US levy.