The European Commission says it presumes the United States will impose a 15% tariff on most EU exports from Friday.

The European Union will work to ensure lower U.S. tariffs on its car exports are applied retroactively to August 1, the bloc's trade chief said.

After striking a framework trade deal with the European Union in July, the White House added more details to what the agreement entails Thursday. Most notably, President Donald Trump walked back threats of 250% and 100% tariffs on pharmaceuticals and semiconductors,

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.

The White House announced early Thursday morning that it had come to an agreement with the European Union regarding a new trade deal.

According to EU trade commissioner Maros Sefcovic, the work now turns toward implementing legislation to allow imports of the agreed U.S. goods. Only once that process begins will the U.S. lock in the reduced 15 percent car tariffs.

There’s still much more to come from the White House on tariffs, but the European Union has now reached a trade agreement with the U.S.

A sweeping trade deal cuts car tariffs but leaves other European industries behind as the EU commits billions in US imports

A deal between the U.S. and the E.U. will cap tariffs on many E.U. exports at 15%, a sizable reduction from the president's previous threats.