U.S. and the E.U. establishes a maximum tariff rate of 15% on exports.

The trade agreement between the U.S. and the E.U. establishes a maximum tariff rate of 15% on exports.

This agreement eliminates significant tariffs that President Donald Trump had proposed to impose on imports of pharmaceuticals and semiconductors.

As per the agreement disclosed on Thursday, the United States has consented to cap tariffs on pharmaceuticals, lumber, and semiconductors imported from the European Union at 15%.

Recently, President Donald Trump had warned the European pharmaceutical sector of potential tariffs reaching 250% and indicated that the semiconductor industry in the region could face tariffs as high as 100%.