(The Hill) — The White House on Thursday announced a highly anticipated trade deal with the European Union (EU).

Trump administration officials said EU counterparts have agreed to eliminate all tariffs on industrial goods imported from the U.S. and widen preferential market access to seafood and agricultural products. 

In exchange, most EU exports — notably automobiles and parts, pharmaceuticals, semiconductors and lumber — will be taxed at 15 percent. The group of 27 member nations also agreed to ensure its companies invest $600 billion in the U.S. and to purchase at least $750 billion worth of U.S. energy, according to the White House.

“This Framework Agreement will put our trade and investment relationship – one of the largest in the world — on a solid footing and will reinvigorate our economies’ reindustrialization,” the statement reads. “It reflects acknowledgement by the European Union of the concerns of the United States and our joint determination to resolve our trade imbalances and unleash the full potential of our combined economic power.”

“The United States and the European Union intend this Framework Agreement to be a first step in a process that can be further expanded over time to cover additional areas and continue to improve market access and increase their trade and investment relationship,” they added.

Developing.