The U.S. flag flies over a container ship unloading it’s cargo from Asia, at the Port of Long Beach, Calif., on Aug. 1, 2019. Mark Ralston / AFP via Getty Images
The United States and European Union (EU) on Thursday published long-awaited details of a sweeping trade framework that caps most U.S. tariffs on European exports at 15 percent and commits the bloc to massive new purchases of American energy, technology, and defense equipment.
The framework, laid out in an Aug. 21 joint statement, builds on a political agreement announced by U.S. President Donald Trump and European Commission President Ursula von der Leyen on July 27 in Scotland. Both sides cast the agreement as a reset for the world’s largest economic relationship, worth more than $1.6 trillion annually.
