Overview

• The agreement caps reciprocal duties at 15% for most transatlantic goods, averting the punitive rates set to take effect on 1 August
• The EU committed to purchasing $750 billion in US energy and investing $600 billion more in American projects over the next years
• Both sides agreed on zero-tariff carve-outs for strategic products such as aircraft, semiconductors, select chemicals and agricultural goods
• Key European exporters of wine, olive oil, luxury items and automobiles face higher costs despite cuts from previous levy levels
• EU member states and the European Parliament must ratify the framework before it can enter into force