In a 3-1/2-page joint statement, the two sides spelled out that 15% U.S. tariffs would apply to most EU imports and listed the commitments made, including the EU's pledge to eliminate tariffs on U.S. industrial goods and to give preferential market access for a wide range of U.S. seafood and agricultural goods.

The EU-US trade agreement is poised to cut the US import tax on cars from the EU from 27.5% to 15%. However, details released Thursday reveal that the lower rate won’t take effect until the EU takes separate action to reduce its own tariffs on US goods.