Today's deal creates certainty in uncertain times. It delivers stability and predictability, for citizens and businesses on both sides of the Atlantic. This is a deal between the two largest economies in the world. We trade USD 1.7 trillion per year. Together we are a market of 800 million people. And we are nearly 44% of global GDP. Just a few weeks after the NATO summit, this is the second building block, reaffirming the transatlantic partnership.
Allow me to go into some details. We have stabilised on a single 15% tariff rate for the vast majority of EU exports. This rate applies across most sectors, including cars, semiconductors and pharmaceuticals. This 15% is a clear ceiling. No stacking. All-inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial.
Today we have also agreed on zero-for-zero tariffs on a number of strategic products. This includes all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials. And we will keep working to add more products to this list.
On steel and aluminium, the EU and the US face the common external challenge of global overcapacity. We will work together to ensure fair global competition. And to reduce barriers between us, tariffs will be cut. And a quota system will be put in place.
We will also increase our energy cooperation. Purchases of US energy products will diversify our sources of supply and contribute to Europe's energy security. We will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels.
US AI chips will help power our AI gigafactories and help the US to maintain their technological edge.
Today with this deal, we are creating more predictability for our businesses. In these turbulent times, this is necessary for our companies to be able to plan and invest. We are ensuring immediate tariff relief. This will have a clear impact on the bottom lines of our companies. And with this deal, we are securing access to our largest export market. At the same time, we will give better access for American products in our market. This will benefit European consumers and make our businesses more competitive. This deal provides a framework from which we will further reduce tariffs on more products, address non-tariff barriers, and cooperate on economic security. Because when the EU and US work together as partners, the benefits are tangible on both sides.
At the same time, we are building a true foreign economic policy. And for this we have started at home. We are taking bold action to make Europe more competitive, more innovative and more dynamic. Our Single Market with its 450 million consumers is our greatest asset and our safe harbour, especially in turbulent times.
We are also creating new trade partnerships around the world – expanding from the 76 we have. We have concluded negotiations in the last months with Mercosur, Mexico and Indonesia. In an unsettled world, Europe is a reliable partner. And we will continue to deliver deals that help safeguard our prosperity.
Finally, I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough. He is a tough negotiator, but he is also a dealmaker. I want to thank Commissioner Maroš Šefčovič and his team for their tireless work and skilful steer; they have done most of the heavy lifting. And I want to thank our Member States for their trust and their commitment. Our unity is our strength, at home and abroad. We will continue to work hard for the benefit of all Europeans.
