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.

EU and U.S. trade deal could lower auto tariffs retroactive to Aug. 1, easing costs for European carmakers and U.S. dealers.