The trade agreement was signed on July 27 in Scotland between European Commission President Ursula von der Leyen and US President Donald Trump, and the joint statement sealing the agreement was released on August 21.

The 15% tariffs apply across the board, including "strategic sectors" such as automotive, pharmaceutical, timber, and semiconductors.

Some sectors "will benefit from a specific regime" starting today, including natural resources sectors such as cork, all aircraft and parts for their construction and maintenance, generic pharmaceutical products, and ingredients. The trade agreement also includes a commitment by the EU to purchase US$750 billion (approximately €642 billion) of US energy—aimed primarily at replacing Russian gas—and an additional €600 billion (€514 billion) in investment, as well as an increase in military procurement.

The US and EU countries exchange approximately €4.4 billion worth of goods and services daily.