The Trump administration and the European Union are sharing new information about a trade framework between the EU and United States.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

The United States and European Union have outlined a new trade agreement that introduces a 15% US tariff on European cars, pharmaceuticals, and other goods, while the EU will drop tariffs on all American industrial exports. The deal also grants US producers preferential access to the EU market for agricultural products, seafood, dairy, and certain meats, and includes a pledge by the EU to purchase at least $40 billion worth of US AI chips.

The agreement is expected to impact a wide range of businesses and consumers, with Walmart's CEO noting that rising tariffs are particularly affecting middle- and low-income earners. Despite positive sales outlooks from major retailers, some stocks have fallen due to missed market expectations. The deal is seen as significant for both economies, which together account for 44% of global economic activity.

New details on U.S.-European Union trade deal framework

Trump administration and European Union have released new details surrounding a trade framework between the two. Under the agreement, the US will impose 15% tariffs on imports of European cars, pharmaceuticals and other goods. Meanwhile, EU nations will drop tariffs on all American industrial exports. CBS News Senior Business Technology Correspondent Jolene Kent joins us now. Jolene, great to see you. So what exactly does this deal mean for businesses and consumers here in the United States? Jorica, it's great to see you as well. This will impact a broad swath of products coming from the EU into the United States. According to the Eurasia Group, the US tariff on EU imports will now, once this is fully executed, be about 10 to 14%. So what will it affect? It's a large list and I'm just consulting my notes here. Together, obviously, you know, the US and the EU account for 44% of the global economy. So as for the products it will be affecting, the EU is going to give the US preferential market access when it comes to agriculture, seafood, dairy products, fresh and processed fruits and vegetables, as well as soybean oil and pork and bison meat. Further down the list, the US will reduce tariffs on EU-made automobiles to 15% once the trading bloc in the EU formalizes their elimination of tariffs on industrial products from the United States. We also know that the EU is pledging to buy at least $40 billion worth of AI chips from the US for its computing center. It's a long list, but it is good, I think, for so many large and small businesses to start to see these specifics so they can start to plan for the rest of the year. Absolutely, and it could have been a lot more. Yesterday, we focused on Target because they have new leadership. Today, though, I wanna talk about Walmart and new retail earnings reports. What does it tell us about the current impact, as you just spoke of tariffs, overall? Yeah, so the Walmart Global CEO, Doug McMillan, on the earnings call today told all of us that the cost of tariffs is going to continue to rise every single week. And no surprise here, we do know from the CEO today that the most impacted individuals are going to be middle-income earners and low-income earners. And what he's starting to see, and as you know, Walmart is such an interesting economic indicator, he's seeing middle-to-low-income earners either switch away or not buy products while they're also receiving more purchases and more interest from higher-income earners who are now looking for a bargain. As for their confidence for the rest of the year, the CEO said they felt good about how things went for back-to-school. In terms of their sales, they believe the holiday season will be strong such that they actually raise their outlook for the rest of the year. But if you have Walmart stock in your portfolio, you may be wondering why was the stock down 4.5% today? Well, even though the news was relatively positive from Walmart, it did miss Wall Street's expectations. So that's why the stock is down about 4.5%. But looking ahead, Walmart really is betting on people trading down and looking for bargains for the rest of the year, Draca. All right, Jolene Kent with that important information. Thank you.

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New details on U.S.-European Union trade deal framework

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