The United States will reduce tariffs on European Union cars to 15% starting in August, implementing the terms of the trade agreement.

The United States has retrospectively lowered the European Union's import tariff on automobiles to 15% since August 1, consolidating the framework of the trade agreement reached between the two sides earlier this summer. The Department of Commerce and the Office of the Trade Representative published a document online on Wednesday detailing the adjustments, which include reducing tariffs on multiple categories of goods. Stock prices of Volkswagen, Porsche, and Mercedes-Benz rose after the announcement. Porsche only sells imported cars in the United States and was one of the companies most affected by the previous US tariffs, with its stock rising 3.8% on the Frankfurt market. The adjustments include tariff exemptions for aircraft, aircraft components, generic drugs and their raw materials, as well as certain metals and minerals starting from September 1. Most of the goods exported from the European Union to the United States as of September 1 will be subject to new tariffs, but the exemption for cars and components will depend on whether the EU introduces legislation to lower tariffs on US products. The EU has taken action on August 28 paving the way for the retrospective adjustment of car tariffs by the Trump administration. Previously, these cars were subject to an additional 25% US tariff on top of existing tariffs. The US stated in the announcement that the list of goods may still be modified.