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%.

The European Union has escaped a potential 250% pharmaceutical tariff and instead has secured a maximum 15% levy with the U. S.

The tariff on auto imports from Europe will be slashed to 15 percent but there will be no immediate relief for the wine and spirits industry.