The framework deal, announced as a joint White House-EU statement, also includes providing the United States with "preferential" market access for a wide range of its seafood and agricultural products.

In a joint statement, 1 the White House and the EU announced the details of what is being called a framework for an agreement on reciprocal, fair, and balanced trade. While the agreement is wide reaching and impacts all goods being imported, pharmaceutical goods are subject to unique rules.

After striking a framework trade deal with the European Union in July, the White House added more details to what the agreement entails Thursday. Most notably, President Donald Trump walked back threats of 250% and 100% tariffs on pharmaceuticals and semiconductors,

White House officials hailed the joint statement as an important step. The deal is still not final and officials have weeks or even months of negotiations ahead.

Concessions have been made between the United States and the European Union on a trade deal focusing on pharmaceuticals, lumber and semiconductors. NBC News' Brian Cheung reports on how the deal was reached.

CNBC's Eamon Javers joins 'Squawk on the Street' with the latest news on Ukrainian president Zelenskyy's upcoming visit to the White House.

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.

American and European Union officials have released a bare-bones account of their trade deal that imposes a 15% import tax on 70% of European goods exported to the United States