"We have achieved the target," said Commissioner for Trade and Economic Security Maroš Šefčovič, regarding the trade agreement with the US, which "carries considerable weight," at a press conference in Brussels, Belgium, home to the main institutions of the European Union (EU).

The commissioner considered that the other option was "a trade war with stratospheric tariffs that would harm everyone."

The 15% tariffs on the EU are "the most favourable scenario the US has applied to a partner," Maroš Šefčovič added, considering that it will bring "stability and predictability" to companies and citizens of the European political-economic bloc. According to the joint statement released, Brussels and Washington commit to "a framework for transatlantic trade and investment that is fair, balanced, and mutually beneficial."

However, the agreement reached between European Commission President Ursula von der Leyen and US President Donald Trump has been criticized within the EU. The main criticism is that the agreement is unfavourable to the European Union.

The joint statement says the agreement is "the first step in a process that will increase trade and improve market access in additional sectors."

The 15% tariff applies across the board, including "strategic sectors" such as automotive, pharmaceuticals, timber, and semiconductors.

Some sectors "will benefit from a specific regime" starting September 1st, including natural resources sectors such as cork, all aircraft and parts for their construction and maintenance, generic pharmaceuticals, and ingredients.