White House announces framework trade-tariff agreement with European Union

The White House on Thursday announced a framework trade-tariff agreement with the European Union, including the elimination of all tariffs on industrial goods imported from the U.S.

The framework deal, announced as a joint White House-EU statement, also includes providing the United States with "preferential" market access for a wide range of its seafood and agricultural products.

The agreement also states that most EU exports – notably pharmaceuticals, semiconductors and lumber – will be taxed at 15%. The EU also agreed to ensure an investment of $600 billion from its companies in the U.S. and to purchase at least $750 billion worth of U.S. energy, according to the White House.

"This Framework Agreement will put our trade and investment relationship – one of the largest in the world – on a solid footing and will reinvigorate our economies’ reindustrialization," the statement reads. "It reflects acknowledgement by the European Union of the concerns of the United States and our joint determination to resolve our trade imbalances."

The statement follows President Trump and European Commission President Ursula von der Leyen having met in July and announcing a trade deal in which the U.S. would impose 15% tariffs on most European goods, warding off Trump’s threat of a 30% rate if no deal could be reached by Aug. 1.