U.S. and E.U. trade deal caps tariffs on exports at 15%

The United States has agreed to limit tariffs on pharmaceuticals, lumber and semiconductors imported from the European Union to 15%, according to an agreement released Thursday.

President Donald Trump recently threatened the European pharmaceutical industry with tariffs as high as 250% and the region's semiconductor industry with tariff rates as high as 100%.

Trump's global trade agenda is taking shape weeks after his administration locked in tariff rates for imports from dozens of countries. Economists warn that the tariffs, taxes on goods paid by importing companies, are fueling persistent inflation. The Trump administration has touted tens of billions of dollars in revenue from the duties...