The U.S. and European Union shared an updated trade framework on Thursday, granting businesses some much needed clarity

Cars are more complicated. Under the newly fleshed-out details, high U.S. tariffs on European vehicles will stay in place until the E.U. introduces legislation to lower its levies on many U.S. products. European automakers have struggled under the current U.S. tariff rate of 27.5 percent.

President Donald Trump and European Commission President Ursula von der Leyen talk after reaching a trade deal at the Trump Turnberry golf course in Turnberry, Scotland Sunday, July 27, 2025. (AP Photo/Jacquelyn Martin) WASHINGTON (AP) — The United States and the European Union on Thursday issued a joint statement that frames the ongoing deal between the trading partners and solidifies some trade commitments.