The U.S. will impose a 15% tariff on imports of European cars, pharmaceuticals and other products, according to a joint statement announced Thursday by the Trump administration and European Union.

The U.S. and the European Union released a joint statement on Thursday outlining a "Framework Agreement" on trade, weeks after President Donald Trump announced a deal in July.

U.S. President Donald Trump's administration and European Union officials on Thursday released a bare-bones account of their trade deal that imposes a stiff 15% import tax on 70% of European goods exported to the U.