Azernews.Az

United States Commerce Secretary Howard Lutnick described on Friday the newest trade agreement between his country and the European Union as a "historic accomplishment", AzerNEWS reports.

Writing on X, Lutnick stressed that the deal will mostly benefit "our great automakers, fishers, ranchers and so many producers who will finally have a level playing field when trading with Europe." He also insisted that "Europe has reduced their tariffs to ZERO for the first time ever."

In the newest deal, the US limited its tariffs on most European exports, including cars and semiconductors, at 15%. Meanwhile, the EU axed import duties on US industrial goods, extended duty-free access for US lobsters, agreed to purchase $750 billion in US energy products, and pledged to invest $600 billion in the Northern American country.