In a joint statement, 1 the White House and the EU announced the details of what is being called a framework for an agreement on reciprocal, fair, and balanced trade. While the agreement is wide reaching and impacts all goods being imported, pharmaceutical goods are subject to unique rules.

The White House unveiled details for its trade deal with the European Union (EU) on Thursday. The Trump administration said its EU counterparts have agreed to eliminate all tariffs on industrial goods imported from the U.

The new framework, set to take effect September 1, limits tariffs on pharmaceutical imports to 15% but follows months of shifting proposals, including threats of tariffs as high as 250%.