Remember when the president said the E.U. would give him $600 billion that he could “do anything” he pleases with? That weird boast has now collapsed.

An update on Thursday confirmed those details, and revealed that pharmaceuticals exported from the EU to the U.S. will see tariffs capped at 15%. That alleviated some concerns, as U.S. President Donald Trump had previously threatened to slap the sector with tariffs as high as 250%.

The prime minister departed Ottawa in the early morning hours for a European trip that will include stops in Warsaw, Berlin and Riga, Latvia.

According to EU trade commissioner Maros Sefcovic, the work now turns toward implementing legislation to allow imports of the agreed U.S. goods. Only once that process begins will the U.S. lock in the reduced 15 percent car tariffs.

European shares edged lower on Friday as cautious traders awaited Federal Reserve Chair Jerome Powell's speech for clues on the policy outlook.

The European Union has escaped a potential 250% pharmaceutical tariff and instead has secured a maximum 15% levy with the U. S.

The European Commission says it presumes the United States will impose a 15% tariff on most EU exports from Friday.

EU tariffs on Russian fertiliser imports that aim to cut funding for Moscow's war in Ukraine have so far hit European farmers, raising costs and risking higher consumer prices while Russian companies say they can divert exports to other markets.

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.

Former fast-food executive Andrew Puzder officially became the U.S. ambassador to the European Union during a swearing-in ceremony in Washington on Wednesday.