Overview

• The joint declaration sets an all‑inclusive 15% ceiling on most U.S. tariffs for EU exports, with items already at or above 15% MFN facing no additional duty.
• For cars and parts, the cap starts only once Brussels initiates its own tariff cuts, with the Commission targeting proposals this month and seeking retroactive effect from August 1.
• From September 1, cork, aircraft and parts, generic medicines and chemical precursors shift to MFN‑only rates under a special regime that both sides aim to expand.
• The package pairs the cap with EU commitments including $750 billion in U.S. energy purchases by 2028, at least $40 billion in AI chips, up to $600 billion in corporate investment, and preferential EU access for selected U.S. farm and seafood products.
• Wine, beer and spirits received no exemption, steel and aluminium will be addressed through potential contingent tariff systems, and EU countermeasures have been suspended since August 7.