Remember when the president said the E.U. would give him $600 billion that he could “do anything” he pleases with? That weird boast has now collapsed.

An update on Thursday confirmed those details, and revealed that pharmaceuticals exported from the EU to the U.S. will see tariffs capped at 15%. That alleviated some concerns, as U.S. President Donald Trump had previously threatened to slap the sector with tariffs as high as 250%.

According to EU trade commissioner Maros Sefcovic, the work now turns toward implementing legislation to allow imports of the agreed U.S. goods. Only once that process begins will the U.S. lock in the reduced 15 percent car tariffs.

European equities were subdued on Thursday as investors awaited updates from the Federal Reserve's Jackson Hole symposium, while the United States and European Union locked in a framework trade deal reached last month.

A sweeping trade deal cuts car tariffs but leaves other European industries behind as the EU commits billions in US imports

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

President Donald Trump announced a trade deal with the European Union on Sunday after EU Commission President Ursula von der Leyen said it took "heavy lifting."

Leaders of five European nations, plus the European Commission and NATO, are meeting with presidents Trump and Zelenskyy Aug. 18. Here's who they are.

European NATO leaders must not be naive when discussing a Ukraine peace force but face up to the reality that they would need to deploy tens of thousands of troops to the country for the long term, the head of Germany's soldiers' union said.

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.

Mario Draghi said on Friday the events of 2025 have exposed a harsh truth: The European Union can no longer believe its big economy brings it global power and influence.