An update on Thursday confirmed those details, and revealed that pharmaceuticals exported from the EU to the U.S. will see tariffs capped at 15%. That alleviated some concerns, as U.S. President Donald Trump had previously threatened to slap the sector with tariffs as high as 250%.

The European Commission says it presumes the United States will impose a 15% tariff on most EU exports from Friday.

According to EU trade commissioner Maros Sefcovic, the work now turns toward implementing legislation to allow imports of the agreed U.S. goods. Only once that process begins will the U.S. lock in the reduced 15 percent car tariffs.

European equities were subdued on Thursday as investors awaited updates from the Federal Reserve's Jackson Hole symposium, while the United States and European Union locked in a framework trade deal reached last month.

A sweeping trade deal cuts car tariffs but leaves other European industries behind as the EU commits billions in US imports

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.

The president praised his guests at this week’s meeting, a change in tone that follows big concessions from Europe and careful observations of the way he operates.

Just days away from a European deadline, Iran said Friday its foreign minister would hold a telephone conference call with his French, German and British counterparts to avoid the reimposition of United Nations sanctions over Tehran's nuclear program.

Mario Draghi said on Friday the events of 2025 have exposed a harsh truth: The European Union can no longer believe its big economy brings it global power and influence.