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The US and EU reached a preliminary trade deal, imposing a 15% tariff on most EU goods exported to the US. Exceptions include cars, aircraft, and pharmaceuticals. Wine and spirits, along with steel, are still under negotiation. The deal, while politically significant, isn't legally binding and aims to prevent a full-blown trade war. Although the EU secured lower tariffs on cars, businesses express concern over the higher tariffs, and further negotiations are planned to potentially exclude more goods from the 15% rate. The deal also includes non-binding commitments from the EU for increased energy purchases and investments in the US.

Prepared by Christopher Adams and reviewed by editorial team.