Here's what we know about the EU-US trade deal

The stakes were high. The world's two largest trading powers trade nearly €440 billion worth of goods and services each day, and Washington was threatening to impose 30% tariffs on all European imports as early as August 1st.

Here is what we know, for now, about this new trade deal concluded with Donald Trump, after Japan and the Philippines a few days ago:

What does the agreement provide?

Negotiated hard for months, the agreement provides for customs duties on all European imports to the United States, at a single rate of 15%, including all existing taxes.

This applies, for example, to the automotive sector, which is crucial for countries like Germany. Since April, European manufacturers have been paying customs duties of 27.5%—including a 25% surcharge imposed by Donald Trump—at a cost of €1.3 billion for the German manufacturer Volkswagen alone.

The agreement also provides for purchases of US hydrocarbons (natural gas, nuclear fuels and oil) worth $750 billion over three years, or $250 billion per year.

For the European Union, this will replace Russian gas imports and thus avoid financing the war launched by the Kremlin in Ukraine.

It also includes new European investments in the United States worth 600 billion dollars.

The American president spoke of "hundreds of billions of dollars" in arms purchases by the Europeans.

Exemptions from the 15%

Asked about these exemptions, the American president replied: " essentially, no ."

But the President of the European Commission affirmed that there would no longer be any customs duties on " strategic sectors " such as aeronautics, " certain chemical products, certain agricultural products " or even " certain strategic raw materials ."

The list of these products was not, however, detailed.

The Europeans also wanted to include spirits and wine, but in the absence of a final agreement, a decision was postponed for further discussions, according to Ms. von der Leyen.

" This is something that needs to be resolved in the coming days ," she said.

Special cases

Negotiations were particularly difficult in the pharmaceutical and semiconductor sectors.

The final agreement, according to the EU, provides for tariffs set at 15% for these two sectors. The latter were threatened with higher tariffs, some 200% according to Donald Trump, in accordance with Section 232 of a US trade law that provides for surcharges in the event of a threat to national security.

A decision is expected within two weeks, according to US Commerce Secretary Howard Lutnick, but von der Leyen said it would have no impact on the 15% deal reached in Scotland.

The EU is currently facing 50% tariffs on its steel exports to the United States, but Ms. von der Leyen has assured that a compromise with Donald Trump has been reached.

" Between us, customs duties will be reduced and a quota system will be put in place ," she declared. Donald Trump, however, assured that things would remain "as they are."

What happens now?

This is essentially a framework agreement, according to Ms. von der Leyen, which will now require further negotiations to reach a final legal agreement.

European manufacturers and farmers will also scrutinize the agreement to assess its sectoral consequences. The German chemical industry has already reacted, deeming the tariffs affecting it " too high ," and the German Industrial Association (BDI) predicts " significant negative repercussions ."