The US and EU just moved one step closer to reshaping the world's biggest trading partnershipand the implications could hit fast. The joint statement released Thursday sets the stage for immediate tariff relief on European auto imports once the EU formally introduces its own industrial goods proposal.

The auto tariffs will decrease to 15% when the European Union introduces legislation to reduce rates on U.S. goods.

The European Commission will keep pressing for a preferential tariff for wine and spirits exports to the U.S. that would spare the sector the 15% rate applied on most items under the EU-U.S. trade deal,

A trade deal was reached between the Trump administration and European Union officials last month, just ahead of Trump’s imposed deadline.

After striking a framework trade deal with the European Union in July, the White House added more details to what the agreement entails Thursday. Most notably, President Donald Trump walked back threats of 250% and 100% tariffs on pharmaceuticals and semiconductors,

The European Union will work to ensure lower U.S. tariffs on its car exports are applied retroactively to August 1, the bloc's trade chief said.

An outline on the trade deal between the U.S. and the European Union (EU) has some good tariff news for the fashion and shoe industries. The tariff cap for the reciprocal rate is 15 percent, and more importantly,

In July, Trump had threatened to lift pharmaecutical tariffs to 200%, but speaking on CNBC on 5 August, Trump said they could eventually go as high as 250%. "We want pharmaceuticals made in our country," he told CNBC.

Starting Sept. 1, the U.S. will impose a “Most Favored Nation” (MFN) tariff rate on generic pharmaceuticals sourced from the EU, including their ingredients and chemical precursors, according to a White House fact sheet issued Thursday.

After President Donald Trump's administration reached an agreement with the European Union over tariffs in late July, the two sides have released a joint statement on the terms, however, most notably for Kentucky, there is no mention of protection for ...