Under the new agreement tariffs on most EU imports to the United States were reduced to 15 percent and Brussels pledged to purchase $750-billion-worth of U.S. energy products, including oil, gas, nuclear fuel and semiconductors, through to 2028. If Trump goes ahead with Section 301 proceedings it could renew tensions between the U.S. and EU, while continuing an ongoing battle over what influence European regulators should have over American tech companies.
U.S. winemakers have something to celebrate: the corks they're popping aren't subject to tariffs. Cork comes from the spongy bark of the cork oak tree, which is primarily grown and harvested in the Mediterranean basin. The framework trade agreement between the United States and the European Union singled out the material as an "unavailable natural product." So as of Sept. 1, cork joined a handful of other items, including airplanes and generic pharmaceuticals, that are exempt from a 15% U.S. tariff on most EU products.
The end of an exemption on tariff duties for low-value packages coming into the United States is causing a wide array of postal services to pause shipping as they await for more clarity on the rule. The exemption, known as the " de minimis " exemption, allows packages worth less than $800 to come into the U.S. duty free. A total of 1.36 billion packages were sent in 2024 under this exemption, for goods worth $64.6 billion, according to data from the U.S. Customs and Border Patrol Agency. It is set to expire next Friday. On Saturday, multiple postal services around Europe announced that they are suspending the shipment of many packages to the United States amid a lack of clarity over new import duties.
The pact, announced on Thursday, confirms that Brussels intends to buy at least $40 billion worth of US AI chips for its computing centers, guaranteeing business for American suppliers and giving the EU the silicon it needs for its AI and cloud ambitions. Both sides also promised to align technology security standards to prevent "leakage to destinations of concern," with Washington pledging easier export approvals once safeguards are in place.
President Trump expressed optimism about the new agreement, stating, "I think it's going to be great for both parties. It's a good deal for everybody—a giant deal with lots of countries." He reassured that the deal averts a potential trade war, which would have significant implications for global markets.
