Overview

• The agreement imposes a 15% US tariff on most EU imports in exchange for zero EU duties on American industrial exports and secures $750 billion in energy purchases and $600 billion in new investments.
• Reciprocal and universal tariffs have driven the US effective import duty rate above 18%, the highest level since 1933.
• Treasury Secretary Scott Bessent forecasts at least $300 billion in tariff revenue this year with expectations of trillions more to help reduce federal debt.
• Major companies including Apple, General Motors, Stellantis and Volkswagen report billions in tariff costs and warn they will pass higher duties on to consumers.
• Economists warn that sustained high import duties risk slowing economic growth and fueling inflation even as the global trading system remains largely intact.