Overview

• The Turnberry accord caps US duties on European goods at 15%, defusing threats to raise rates to 30% that had rattled markets since April
• In exchange, the EU will purchase $750 billion in American energy and channel $600 billion into US investments
• Aeronautics, spirits and other strategic industries won exemptions from the reciprocal duties under the framework
• Member states remain divided over the deal’s fairness, with French and Hungarian leaders denouncing it as capitulation while Germany and Italy praise its predictability
• Final modalities will be outlined in the upcoming joint EU-US declaration and require approval by the EU Council and individual member governments