The six-month delay affected the European Union's planned retaliatory tariffs on U.S. imports, which include automobiles, aircraft, pharmaceuticals, and other products, while the U.S. agreed to maintain a 15% tariff cap on cars and car parts imported from the EU.

KSBY

The main goals were to reduce trade tensions, establish balanced trade by setting a 15% tariff ceiling on most EU goods, address non-tariff barriers, strengthen economic security and supply chain resilience, and avoid escalating tariffs between both parties.

The White House

The U.S. committed to decrease its Section 232 tariffs on cars and car parts from the EU to a 15% ceiling rate and grant specific treatment to strategic products like aircraft and aircraft parts as part of the mutual agreement.

KSBY

The agreements cover sectors including automobiles, aircraft, pharmaceuticals, food and agricultural products, semiconductors, and military equipment, which should benefit from reduced tariffs and fewer non-tariff barriers, promoting expanded exports and trade flows.

The White House

The 15% tariffs are part of a broader set of tariffs contributing to an increased overall effective tariff rate, which could raise consumer prices—especially for clothing, textiles, automobiles, and other goods—potentially leading to higher household expenses and income losses as estimated by researchers.

The Budget Lab at Yale