The auto tariffs will decrease to 15% when the European Union introduces legislation to reduce rates on U.S. goods.

The United States and the European Union on Thursday locked in a framework trade deal reached last month that includes a 15% U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.

In a 3-1/2-page joint statement, the two sides spelled out that 15% U.S. tariffs would apply to most EU imports and listed the commitments made, including the EU's pledge to eliminate tariffs on U.S.