Trump reaches agreement with E.U. to impose 15% tariff, with exceptions for key industries

President Donald Trump on Sunday announced a trade agreement with the European Union that would set tariffs at 15%, ending what had been months of uncertainty surrounding trade with the United States’ largest trade partner

President Donald Trump on Sunday announced a trade agreement with the European Union that would set tariffs at 15%, ending what had been months of uncertainty surrounding trade with the United States’ largest trade partner.

The tariff rate is a reduction from the 30% that Trump threatened on July 12 and the 20% he said he would impose on April 2.

Announcing the agreement, Trump said the E.U. will not impose a tariff on U.S. imports. He added this agreement was “satisfactory to both sides.”

Bremerhaven is the biggest German port for the automotive industry and the country's second-largest container port.Focke Strangmann / AFP - Getty ImagesPotentially more tariffs on the wayEuropean Commission President Ursula von der Leyen said Sunday alongside Trump that the pact “will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic.”

However, Trump said 50% tariffs on steel would remain unchanged and more tariffs could still be on the way for pharmaceutical products, which Ireland is one of the top sources of. Trump recently threatened 200% tariffs on pharma goods.