Core Points - The Trump administration officially announced the implementation of a trade agreement with the European Union, imposing a 15% tariff on EU imported cars and automotive products starting from August 1 [2] - The announcement also includes exemptions for tariffs on certain pharmaceutical compounds, aircraft parts, and other imported goods [2] - European Commission President Ursula von der Leyen stated that the 15% tariff rate was the best outcome achievable by the European Commission [2]