U.S., EU Release Fresh Details of Trade Deal on Pharma, Autos and These Other Goods

President Donald Trump shaking hands with European Commission President Ursula von der Leyen following a meeting in July. (BRENDAN SMIALOWSKI/AFP via Getty Images)

The U.S. and the European Union revealed fresh details about their trade deal in a joint statement published on Thursday, spanning goods including aircraft, autos, and pharmaceuticals.

The four-page framework expands on the trade deal that Washington and Brussels struck last month. It says that the U.S. will apply a 15% tariff to nearly all other European goods, excluding aircraft and aircraft parts, generic pharmaceuticals, and some natural resources like cork that aren’t available in the U.S.

The U.S. will maintain its 27.5% tariffs on automobiles from the European Union until the trading bloc eliminates its own levies on U.S. goods including industrials, seafood, and pork.

Once the EU has removed its tariffs, the U.S. will cut its tariff on autos to 15%, the statement says.

The EU is also planning to step up its purchases of American liquefied natural gas, oil, and nuclear energy products. The bloc will also spend at least $40 billion on U.S. artificial-intelligence chips for its data centers.

Europe’s flagship Stoxx 600 index was down 0.3% in morning trading on Thursday. Futures tracking the S&P 500 were down 0.2%. Shares in German auto makers Bayerische Motoren Werke and Volkswagen slipped 0.8% and 0.5%, respectively.

Write to George Glover at george.glover@dowjones.com