The U.S. and European Union shared an updated trade framework on Thursday, granting businesses some much needed clarity

Cars are more complicated. Under the newly fleshed-out details, high U.S. tariffs on European vehicles will stay in place until the E.U. introduces legislation to lower its levies on many U.S. products. European automakers have struggled under the current U.S. tariff rate of 27.5 percent.

American and European Union officials have released a bare-bones account of their trade deal that imposes a 15% import tax on 70% of European goods exported to the United States