U.S., EU release details of trade deal for autos, pharmaceuticals and more

Trade Agreement Overview - US and EU release joint statement detailing trade agreement, considered a positive step [1] - US administration aims to use trade agreements to diminish the World Trade Organization's relevance [2] Tariff Adjustments - EU intends to eliminate tariffs on all US industrial goods and provide preferential market access for US seafood and agricultural goods [2] - US commits to apply a tariff rate of 15% or the US most favored nation tariff rate, whichever is higher, on goods from the EU [2] - US will reduce tariffs on European automobiles after the EU formally introduces legislative proposal for tariff reductions [3] Energy and Technology - EU intends to procure $750 billion worth of US liquified natural gas, oil, and nuclear energy products through 2028 [4] - EU intends to purchase at least $40 billion worth of US AI chips for its computing centers [4] Pharmaceutical Tariffs - Agreement states that tariffs on pharmaceuticals from the EU will not exceed 15% [4] - Investors will be watching pharmaceutical tariffs, as previous statements indicated potential rates as high as 250% [5]