Overview

• The published EU–U.S. declaration formalizes a 15% maximum tariff on most European exports, covering roughly 70% of trade and explicitly including pharmaceuticals and semiconductors.
• Tariffs on most EU goods have been applied at 15% since August 7, while the cut on autos from 27.5% to 15% will take effect only after the EU tables legislation easing access for U.S. farm and fisheries products and removing some industrial tariffs, with potential retroactivity to August 1.
• Steel and aluminium remain outside the framework under separate, higher measures, with the sides only signaling possible future quota cooperation and no detailed mechanism yet.
• Brussels’ parallel intentions include about $750 billion in U.S. energy purchases, roughly $600 billion in additional investment, and minimum chip buys, all described as non‑binding aims rather than enforceable commitments.
• Certain items will face zero or low MFN rates from September 1, including aircraft, cork, generic medicines and precursors, while wine and spirits were not included; ECB chief Christine Lagarde cautioned the deal reduces but does not eliminate uncertainty.