President Donald Trump on Sunday announced a trade agreement with the European Union that would set tariffs at 15%, ending what had been months of uncertainty surrounding trade with the United States’ largest trade partner.

Announcing the agreement, Trump said the E.U. will not impose a tariff on U.S. imports. He added this agreement was “satisfactory to both sides.”

However, Trump said 50% tariffs on steel would remain unchanged and more tariffs could still be on the way for pharmaceutical products, which Ireland is one of the top sources of. Trump recently threatened 200% tariffs on pharma goods.

In the meeting with von der Leyen, Commerce Secretary Howard Lutnick said semiconductor tariffs could also be announced in the coming weeks.

Outlining parts of the agreement, Trump said “the European Union is going to agree to purchase from the United States $750 billion worth of energy.” He said the E.U. would also invest $600 billion into the United States. It was not immediately clear what form that investment would take or over what time period it would be deployed.

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