European exports of cars and pharmaceutical products to the US will be subject to a 15% customs duty.

This is according to a joint statement by the US and the EU detailing the trade agreement between the two sides, AFP reported.

"This is a serious, strategic agreement—and we fully support it. A wide range of sectors, including strategic industries such as automotive, pharmaceuticals, semiconductors, and timber, will benefit from it," said European Trade Commissioner Maros Sefcovic.

The commissioner added that the EU has not yet managed to secure duty-free access for its wine exports, but negotiations will continue.  

"Unfortunately, we have not succeeded here," Šefčovič said at a press conference, referring to European wines and spirits, after Brussels and Washington issued a joint statement detailing their trade agreement. "These doors are not closed forever," he added. | BGNES