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 Trump administration and the European Union are sharing new information about a trade framework between the EU and United States. CBS News senior business and technology correspondent Jo Ling Kent has the details.

An outline on the trade deal between the U.S. and the European Union (EU) has some good tariff news for the fashion and shoe industries. The tariff cap for the reciprocal rate is 15 percent, and more importantly,