The United States and the European Union have reached a trade agreement which imposes a blanket tariff of 15% on almost all EU goods imported into the US.
The agreement cuts in half the 30% tariff originally threatened by US President Donald Trump, which was due to be imposed on 1 August, and the new scheme includes exemptions on some goods, including semiconductor equipment, some agricultural products and certain raw materials.
EU Commission President Ursula von der Leyen has called it the "biggest trade deal ever" – but admitted that many details "have to be sorted out".
"That will happen over the next number of weeks," she said.
It's the latest in a flurry of trade deals made by Trump since coming to office, which he says will generate billions in tax revenue and encourage firms to do business in the US to avoid the taxes.
