The European Union and the United States have released a joint statement outlining a framework for transatlantic trade and investment, Azernews reports.

The announcement was made by EU Commissioner for International Trade Maroš Šefčovič, who told reporters in Brussels that the document builds on the political agreement reached between European Commission President Ursula von der Leyen and US President Donald Trump during their July 27 meeting in Scotland.

According to Šefčovič, the statement details Washington's new tariff regime against EU exports, covering automobiles, pharmaceuticals, semiconductors, and timber products, among other strategic sectors. The plan includes a 15 percent tariff rate on much of the EU's exports to the US. He noted that a quota for cars and car parts would be applied simultaneously with reductions in tariffs on certain American goods.

“Although the European Union continues to believe that high tariffs harm the global economy, the outcome of these negotiations allows us to avoid escalation,” Šefčovič emphasized.“It also provides a basis to continue dialogue and strengthen transatlantic relations, including in areas of shared strategic interest.”

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