The United States and the European Union have released detailed information on their trade agreement, which includes significant changes in tariffs affecting various industries, notably automobiles and pharmaceuticals. The deal outlines a phased reduction of tariffs, with the US agreeing to cap tariffs on European cars and medicines at 15 percent, while EU tariffs on US goods are set to lower correspondingly. While the pact has been hailed as a historic framework, it has left some sectors, particularly wine and spirits, grappling with potential tariff impacts. The US has opted for a 250% tariff on pharmaceutical imports from the EU but has since moderated this stance. Notably, the trade agreement also includes provisions for controlling AI chip flows to China, demonstrating a strategic dimension to the deal. Overall, the framework aims to create a more balanced trading environment between the two economies, valued at over $20 trillion.