The U.S. reached a trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods — half the threatened rate.

The White House in a press release said the deal rebalances the economic relationship between the world’s two largest economies and:

The EU will pay tariffs on autos and auto parts, pharmaceuticals, and semiconductors, though sectoral tariffs on steel, aluminum, and copper will remain unchanged.

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