The tariff deal agreement between Ursula von der Leyen and Donald Trump is due to be formalised on Friday after a nervous wait all week.
Friday 1 August was the date Trump set for 30 percent tariffs to be imposed on the European Union had a deal not been reached.
But on Sunday, the US President and European Commission President agreed at a meeting in Scotland on tariffs of 15 percent.
The new tariff applies from today.
The EU’s Trade Commissioner, Maroš Šefčovič, called it the “first results” from the deal, signalling further negotiations lie ahead.
EU officials admit that the deal is not legally binding, but a formal document setting out the terms is due to be published.
The Trump administration did publish a ‘factsheet‘ earlier this week, to the relief of the European Union confirming the 15 percent.
The tariffs are not the zero percent the EU wanted to achieve, but industry told EU officials that they could swallow it, according to President von der Leyen.
EU officials also said that pharmaceuticals – which are yet to be hit with tariffs – would be part of the 15 percent deal later.
In Dublin, Tánaiste Simon Harris TD will on Friday convene a meeting of the Government Trade Forum to take stock of the tariff agreement.
“The deal means that the higher tariffs [of 30 percent] that had been threatened will not now take effect and that the EU will not impose its own countermeasures”, said Simon Harris.
“It will provide much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world.
“While the baseline tariff is 15%, we are still awaiting full details and will have to analyse these when received to understand the full implications.”