According to various news reports, President Trump and European Commission President Ursula von der Leyen on Sunday, July 27, announced that the U.S. and European Union (EU) have reached a trade deal.

While more details are anticipated, here is what’s known so far:

• The EU will buy $750 billion worth of U.S. energy, invest $600 billion in the U.S., and acquire additional U.S. military equipment.
• The EU will lower its tariffs on U.S.-origin goods to 0%, while the U.S. will apply a 15% tariff, instead of the originally prescribed 30% tariff, on EU-origin goods, including automobiles.

Steel and aluminum from the EU will remain subject to a 50% tariff upon entry into the U.S.