The United States and the European Union finalized a framework trade deal on Thursday, according to Reuters. The agreement sets a 15% U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors, and lumber. In return, the EU pledged to eliminate tariffs on all U.S. industrial goods and provide preferential market access for seafood and agriculture. Washington agreed to reduce its 27.5% tariffs on cars and parts once Brussels introduces legislation enacting tariff cuts. Trump and European Commission President Ursula von der Leyen announced the trade deal on July 27th in Scotland after months of negotiations and an hour-long meeting. Trump and von der Leyen, meeting this week during Ukraine war talks, praised their trade framework as historic and noted it could expand to cover more areas and market access.
00:00It's Benzinga, bringing Wall Street to Main Street.
00:03The United States and the European Union finalized a framework trade deal on Thursday, according to Reuters.
00:08The agreement sets a 15% U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.
00:17In return, the EU pledged to eliminate tariffs on all U.S. industrial goods and provide preferential market access for seafood and agriculture.
00:24Washington agreed to reduce its 27.5% tariffs on cars and parts once Brussels introduces legislation enacting tariff cuts.
00:34Trump and European Commission President Ursula von der Leyen announced the trade deal on July 27th in Scotland after months of negotiations and an hour-long meeting.
00:44Trump and von der Leyen, meeting this week during Ukraine war talks, praised their trade framework as historic and noted it could expand to cover more areas and market access.
