Europe and the U.S. strike a trade deal to eliminate tariffs on industrial goods and reduce American duties on European cars, averting a broader trade war. The EU scraps tariffs on most U.S. industrial goods and the U.S. lowers car duties to 15% as part of the agreement. Farm concessions include zero tariffs on potatoes and lower rates for tomatoes. Approval is needed from EU member states and the European Parliament. The deal aims to reduce escalation risk and provide stability for supply chains, but unresolved issues like digital services and political volatility could still pose challenges.

Read more at Quiver Quantitative: EU Cuts Tariffs on U.S. Goods as Cars Win Relief in Transatlantic Trade Truce