The trade agreement was reached on July 27 in Scotland between the President of the European Commission, Ursula von der Leyen, and the US President, Donald Trump. The joint declaration detailing the agreement was made public on August 21.
The 15% tariffs apply across the board, impacting “strategic sectors” such as automotive, pharmaceuticals, wood, and semiconductors.
Certain sectors will “benefit from a specific regime” starting this day, including natural resource sectors like cork, all aircraft and parts for construction and maintenance, generic pharmaceuticals, and ingredients.
The trade deal also includes the EU’s commitment to purchase American energy amounting to 750 billion dollars (approximately 642 billion euros) — intended particularly to replace Russian gas —, an additional 600 billion dollars (514 billion euros) in investment, and an increase in military equipment acquisitions.
The US and EU countries exchange about 4.4 billion euros worth of goods and services daily.
