Overview

• The deal imposes a 15% U.S. tariff on most EU goods while maintaining 50% duties on steel and aluminium and carve-outs for aircraft, semiconductors and certain drugs.
• Announced at President Trump’s Turnberry estate after a meeting with Ursula von der Leyen, the framework secures a high-level political accord ahead of an August 1 tariff deadline.
• Global equity markets and the euro rallied on July 28 as clarity on transatlantic trade duties eased fears of reciprocal levies.
• U.S. and Chinese negotiators reconvened in Stockholm seeking a 90-day extension of their existing tariff truce before its August 12 expiry.
• India’s finance minister reports positive progress in separate talks with the U.S. and EU even as New Delhi finishes ratifying its free trade pact with the U.K.