00:00EU officials have revealed new details of their trade agreement with the U.S.
00:05First, a 15% all-inclusive tariff cap for the European Union.
00:13This is the most favorable trade deal the U.S. has extended to any partner.
00:20The 15% limit will apply to semiconductors, cars, pharmaceuticals and a number of other products.
00:27But it won't include wine and spirits.
00:30The trade commissioner says tariff reductions for that sector are still on the table.
00:34The U.S. and EU currently have the world's largest trade relationship,
00:38with US$1.5 trillion in goods and services exchanged in 2024.
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