(The Hill) — The White House on Thursday announced a highly anticipated trade deal with the European Union (EU).

Officials from the Trump administration have announced that EU representatives have consented to removing all tariffs on industrial goods imported from the United States. They have also agreed to enhance preferential market access for seafood and agricultural products from the U.S.

In return, most exports from the EU, including automobiles and parts, pharmaceuticals, semiconductors, and lumber, will incur a 15 percent tax. Additionally, the 27 EU member countries have pledged to ensure investments of $600 billion in the U.S. and to purchase a minimum of $750 billion in U.S. energy, as stated by the White House.

“This Framework Agreement will stabilize one of the world’s largest trade and investment partnerships and boost the reindustrialization of our economies,” the statement declares. “It represents the European Union’s recognition of United States’ concerns and our shared commitment to resolving trade imbalances and unlocking the full potential of our combined economic strength.”

“The United States and the European Union see this Framework Agreement as an initial step in an ongoing process, which can be expanded over time to include more sectors and continue to enhance market access, thereby strengthening their trade and investment ties,” they further explained.

Developing.