US and EU announce new trade deal
The US and EU just announced a new trade deal: under the announced deal, 70% of European goods heading to the US will face a 15% tariff.
According to the new agreement, US cars and other industrial goods get duty-free access into Europe.
This move is meant to keep their $2 trillion annual trade relationship running smoothly and avoid any major trade fights, while setting the stage for future talks on things like wine, spirits, and steel.
EU halts its retaliatory tariffs on American wine, spirits
European Commission President Ursula von der Leyen says the goal is to ease old tariff tensions and keep both sides talking.
Some experts worry prices could go up with these new tariffs.
Meanwhile, the EU has paused its own retaliatory tariffs on American wine and spirits until February 5, 2026—signaling they're hoping for a bigger agreement down the road.