On July 27, 2023, local time, United States Commerce Secretary Wilbur Ross announced via social media that President Donald Trump had reached an accord with the European Union. Pursuant to this agreement, the EU will open its vast $20 trillion market and, for the first time, fully embrace American automotive and industrial standards. Additionally, the EU intends to procure $750 billion worth of energy products from the United States and invest $600 billion in the American economy. In exchange, the United States will implement a uniform 15% tariff on imports from the EU to the U.S.