The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

President Donald Trump has declared a 15% tariff trade deal with the European Union (EU), putting an end to several months of trade uncertainty with the U.S.’s biggest trade partner. What Happened: The tariff rate is a significant drop from the 30% Trump threatened on July 12 and the 20% he proposed on April 2.

A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.