U.S.–EU Trade Deal: New Tariffs on Goods, Steel, Aluminum & Autos!

Last month, the U.S. and the European Union (EU) announced the “framework” of a trade deal regarding tariffs. Since then, officials have been hashing out the details. Those details have now been announced. In a nutshell, the U.S. is imposing 15% tariffs on most EU goods (50% tariffs on steel and aluminum). This includes pharmaceuticals, Europe’s top export to the U.S. (Generic pharmaceuticals will be exempt from the 15% tariff and will continue to face a 2.5% tariff.) A 27.5% U.S. tariff on European-made vehicles will remain in place until the EU introduces legislation to lower tariffs on U.S. products. If it does so by the end of August, lower tariffs on autos will be retroactive to 8/1/25.