U.S. will push Europe to drop tariffs before allowing lower car duties

Details: The text of the statement largely confirms what Trump announced alongside European Commission leader Ursula von der Leyen, including a 15% across-the-board tariff rate for U.S.-bound goods.

• European autos and auto parts — currently subject to a 25% tariff rate — will benefit from the lower rate only when the bloc "formally introduces the necessary legislative proposal to enact the tariff reductions" on U.S. goods, according to the framework text.
• Last month, Europe said it would move to drop tariff rates on U.S. goods to zero.

What they're saying: A White House official told reporters that the contingency was an effort to hold each side accountable.

• The official said that it will ensure Europe feels sufficient pressure to begin its own legislative process to secure relief for its auto industry.

The intrigue: Von der Leyen also said that Europe would agree to invest massive sums in America in the years ahead — an announcement that stoked confusion about whether the bloc would be able to follow through on such an agreement.

• The joint statement says that "European companies are expected to invest an additional $600 billion" in U.S. strategic sectors through 2028. A White House official says that includes industries like pharma, semiconductors, and autos.

• Europe intends to buy U.S. oil, natural gas and nuclear energy, expected to be valued at $750 billion through 2028, the framework says.
• Europe also committed "to purchase at least" $40 billion worth of U.S.-manufactured chips, according to the text.

What to watch: The White House has announced a raft of trade deals in recent weeks, though there are no official, legally binding trade agreements with details spelled out.

• A White House official said both sides expect a full agreement in the weeks or months ahead.

Editor's note: This story has been updated with details of the agreement.