The United States and the European Union Sign Agreement

The United States and the European Union issued a joint statement on Thursday regarding a trade "Framework Agreement," which was outlined a few weeks after U.S. President Donald Trump announced the deal in July, according to ABC News.

"The United States and the European Union view this framework agreement as the first step in a process that could expand over time to include additional sectors, continue to improve market access, and develop their trade and investment relations," the statement said.

According to the document, the United States will impose a 15% tariff on most EU goods, including pharmaceuticals and semiconductor products. The U.S. will maintain the existing 27.5% tariff on European Union automobiles until legislative measures are enacted to lower tariffs on a range of U.S. products.

The joint statement also notes that the European Union will provide preferential market access for seafood and non-sensitive agricultural products from the United States, including certain types of nuts, dairy products, fresh and processed fruits and vegetables, processed foods, seeds, soybean oil, as well as pork and bison meats. At the same time, the European Union plans to significantly increase purchases of military and defense equipment from the United States.