Under the framework agreement, the US will impose a 15% tariff on EU goods, while the EU will purchase a significant amount of US energy and military equipment.
Good-faith negotiations, a prepared response package, and strengthened internal capacity are how the EU is preparing to respond to Trump's tariff pressures.
European commission president Ursula von der Leyen announced another postponement of retaliatory tariffs against the US to allow for trade agreement negotiations.
The goal of bringing copper production—a crucial material in semiconductor and aircraft manufacturing—back to the US through a 50% tariff will likely take decades, while the price of the metal has already escalated, according to experts.
The US will impose a 25% tariff on imports from Japan and South Korea starting August 1, according to two letters Trump sent to the leaders of both countries.