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  • 7 weeks ago
The framework of a trade deal reached between the U.S. and European Union were detailed in a joint statement Thursday, as both sides agreed on lower levies for several goods while the Trump administration imposed conditions before some rates were cut.

Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/08/21/us-and-eu-reveal-trade-deal-details-heres-how-tariffs-will-affect-cars-drugs-and-other-goods/
Transcript
00:00The framework of a trade deal reached between the U.S. and European Union were detailed
00:04in a joint statement Thursday, as both sides agreed on lower levies for several goods,
00:09while the Trump administration imposed conditions before some rates were cut.
00:14According to a joint statement, the U.S. agreed to lower a blanket tariff on European imports
00:19from 30% to 15%, and the EU agreed to purchase $750 billion of American energy,
00:26a substantially increased deal to acquire U.S. military and defense equipment,
00:30and a further $600 billion investment in the U.S. through 2028.
00:34The EU pledged to eliminate tariffs on U.S. industrial goods and provide preferential market
00:39access to American seafood and agricultural products, including tree nuts, some dairy products,
00:45and fresh and processed fruits, vegetables, and other foods.
00:49European Commission President Ursula von der Leyen said in a statement,
00:52the deal provides predictability for European companies and consumers
00:56and, quote, strengthens transatlantic relations.
00:59The U.S. will lower 27.5% tariffs on European auto imports to 15%
01:05as soon as the EU enacts legislation that would cut several levies on U.S. industrial goods,
01:10according to the statement.
01:11The EU plans to consider discounted rates on steel, aluminum, and derivative products
01:15under a quota system, according to the statement.
01:18Details about the possible quota system were not specified.
01:21Trump, who raised tariffs on steel and aluminum to 50% in June,
01:25previously said the levies were a worldwide thing that would be, quote,
01:29staying the way it is.
01:30The EU's trade commissioner told reporters Thursday the trade deal was the most favorable
01:35reach between the U.S. and any of its trade partners.
01:38He added, quote,
01:39This is the beginning.
01:40This framework is the first step, one that can grow over time to cover more sectors,
01:45improve market access, and strengthen our economic ties further.
01:49For more on this story, check out the article at the link in the description.
01:54And here at the link in the description.
01:56To get
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