The United States and the European Union have reached a significant agreement on a new trade deal aimed at reducing tariffs on autos, pharmaceuticals, and more. Under the agreement, tariffs on European cars and medicines have been capped at 15%. However, the US will maintain high tariffs of 27.5% on European cars until the EU lowers its own levies. The deal includes commitments to preserve trade dynamics and address concerns related to digital regulations and industrial goods. The White House has stated that relief from auto tariffs may be expected in the coming weeks, and both parties are working towards solidifying their commitments in this ongoing framework.