The Trump administration formally implements its trade agreement with the EU, lowering auto tariffs to 15% – a rate that applies retroactively from Aug. 1. Airplanes, generic pharmaceuticals and unavailable natural resources like cork are exempt from 15% tariffs and will instead face most-favored nation tariffs, which are zero or close to zero.

Trump would need Congress to fully replace his previous tariffs, but he could still legally impose different tariffs under other laws.