The US and European Union finally laid out the details of their recently announced trade deal which reduces tariffs on European automobiles while opening the door to new potential discounts for steel and aluminum.

The joint statement issued this morning represents an advancement of the preliminary deal announced a month ago, and includes specific benchmarks for the EU to secure its promised sectoral tariff discounts on cars, pharmaceuticals and semiconductors, as well as new commitments for addressing the bloc's digital services regulations.

Trump had repeatedly praised the sweeping US-EU trade framework, extolling it as "a big deal" in a Monday White House meeting with foreign leaders including European Commission President Ursula von der Leyen. 

The development underscores the nature of trade talks under Trump, with some initial, broad pronouncements of deals giving way to weeks or more of work to hammer out detailed agreements. Many of them are also tied to sweeping policy changes that could take time to materialize.