Overview

• The joint declaration sets an all‑inclusive 15% U.S. ceiling on most EU exports, including autos, pharmaceuticals, semiconductors and lumber, with the car cap taking effect once EU tariff reductions on U.S. goods begin and potentially applying from August 1.
• Starting September 1, cork, aircraft and parts, generic medicines and chemical precursors will face only MFN tariffs under a special regime that both sides aim to extend.
• EU countermeasures adopted on July 24 are suspended from August 7, and the Commission will table the necessary legal acts with member states and the European Parliament to implement the agreement.
• The package is paired with major EU commitments, including $750 billion in U.S. energy purchases by 2028, $40 billion for AI chips and up to $600 billion in EU corporate investment in strategic U.S. sectors, plus increased defense procurement.
• Wine, beer and spirits are not exempted, while the parties pledge cooperation on steel and aluminium overcapacity and the U.S. underscores planned EU market preferences for selected American farm and seafood products.