EU tariffs on Russian fertiliser imports that aim to cut funding for Moscow's war in Ukraine have so far hit European farmers, raising costs and risking higher consumer prices while Russian companies say they can divert exports to other markets.

The framework spared the EU from Washington's threat of higher tariffs on foreign-made pharmaceuticals and semiconductors, but included a caveat for cars.

There’s still much more to come from the White House on tariffs, but the European Union has now reached a trade agreement with the U.S.

The European Commission says it presumes the United States will impose a 15% tariff on most EU exports from Friday.

After striking a framework trade deal with the European Union in July, the White House added more details to what the agreement entails Thursday. Most notably, President Donald Trump walked back threats of 250% and 100% tariffs on pharmaceuticals and semiconductors,

This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union,” Trump vowed.

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.

A deal between the U.S. and the E.U. will cap tariffs on many E.U. exports at 15%, a sizable reduction from the president's previous threats.