by Manal Barakat, SeaNewsEditor

After the verbal agreement in July, the United States and the European Union announced today the details of the EU-US trade deal.

The agreement, titled the Framework Agreement on Reciprocal, Fair, and Balanced Trade, aims to strengthen the trade and investment relations between the two economies.

In a joint statement, the White House and the European Commission revealed details of the trade deal.

Both sides stated that the EU will eliminate all tariffs on industrial goods imported from the US and expand preferential market access for US seafood and agricultural products.

Meanwhile, a 15% tax will be imposed on most EU exports, including pharmaceuticals, semiconductors, and lumber.

Additionally, the EU has committed to making key investments in the United States’ energy sector.

The details of the agreement are available on the European Commission’s website.