US, EU Agree Written Framework for 15% Tariffs, Trade Access

The United States and the European Union have formalized a written framework for a trade deal initially agreed upon in July by President Donald Trump and European Commission President Ursula von der Leyen. This agreement sets a maximum US tariff rate of 15% on most EU imports, including autos, pharmaceuticals, semiconductors, and lumber, with exclusions for sectors already facing tariffs of 15% or higher. In exchange, the EU committed to removing tariffs on US industrial goods and providing increased access for US seafood and agricultural products, along with purchasing significant amounts of US liquefied natural gas, oil, and nuclear energy to reduce dependence on Russian energy. The deal also includes provisions for phased reductions of US auto tariffs from 27.5% to 15%, contingent on the EU's legislative actions to lower tariffs on US goods, and outlines cooperation on supply chain security and addressing global overcapacity in steel and aluminum. Both sides have pledged to negotiate further trade agreements and address digital trade issues, with the framework signaling a move toward greater trans-Atlantic economic cooperation under the Trump administration. The joint statement marks the final stage of implementing the agreement, with expectations for tariff relief to take effect in the coming weeks once the EU enacts the necessary legislation.