The United States and the European Union on 21 August released a 3½-page joint statement that locks in the framework trade deal the two sides announced last month. The accord sets a flat 15% U.S. tariff on most European imports—including automobiles, pharmaceuticals, semiconductors and lumber—replacing a patchwork of higher duties. In return, Brussels intends to eliminate all tariffs on U.S. industrial goods and grant preferential market access for American seafood and agricultural products. Washington will lower its current 27.5% tariff on European cars and parts to 15% once the European Commission introduces the necessary legislation, a step senior U.S. officials said could happen "within weeks" and would apply retroactively from 1 August. Starting 1 September the United States will apply only most-favored-nation rates to EU aircraft and parts, generic medicines, certain chemicals and natural resources such as cork. The statement also records the EU’s plan to procure about $750 billion of U.S. energy products and for European companies to invest an additional $600 billion in U.S. strategic sectors through 2028. Both sides agreed to negotiate rules of origin, consider quota-based arrangements for steel and aluminum, and address digital trade barriers to deepen transatlantic economic ties.