US, European Union announce 'Framework Agreement' on trade
The U.S. and the European Union released a joint statement on Thursday outlining a "Framework Agreement" on trade, weeks after President Donald Trump announced a deal in July.
"The United States and the European Union intend this Framework Agreement to be a first step in a process that can be further expanded over time to cover additional areas and continue to improve market access and increase their trade and investment relationship," the statement reads.
According to the statement, the U.S. will impose a 15% tariff on most goods from the EU, including pharmaceuticals and semiconductors. The U.S. will keep the current 27.5% tariffs on automobiles from the EU until it introduces legislation to reduce tariffs on a variety of U.S. goods.

.
According to the joint statement, the EU intends to provide preferential market access for seafood and non-sensitive agricultural goods imported from the US, including tree nuts, certain dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat. It also plans to substantially increase procurement of military and defense equipment from the United States.
-ABC News' Zunaira Zaki





