Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

This month, Trump threatened 200% tariffs on imported medicines. Last weekend, he agreed to a much lower 15% tariff on imported pharmaceuticals from the European Union.

EDINBURGH, Scotland -- The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

The sharp increase in U.S. trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday, while Moody's warned of the effect on exporting firms.

Q: Is it true that if President Donald Trump hadn’t defunded the National Weather Service, the death toll in the Texas flooding would have been far lower or nonexistent?

U.S. Trade Representative Jamieson Greer said Tuesday that President Donald Trump will decide if the tariff pause with China continues after two days of talks in Stockholm.

Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.