The EU and the US officially reached a deal this morning on a framework trade pact, after months of wrangling. The point of compromise: the Union scraps tariffs on American industrial goods and part of agricultural ones, while Washington will cap tariffs on European imports at 15 percent - instead of the previously threatened 25%.

The deal arrives under strong pressure from Donald Trump, who last month threatened 25-percent tariffs on European cars from 4 July. That accelerated Brussels. The agreement was signed in those quiet early-morning hours when negotiators no longer have energy for tactics - they only have deadlines.

What do American exporters get? Easier access to the European market for many products: seafood, lobsters, dairy, fruit, processed food, seeds, soybean oil, pork. That means part of European farmers will immediately face stiffer competition from overseas producers with lower costs and often subsidised access.

What do European exporters get? Tariff stability. A 15% rate is a serious tariff, but it's more reasonable than 25%. German car companies, Italian textiles, French wine - all will be able to keep selling in the US without a price shock.

But the deal has a critical mechanism built in: the EU can unilaterally suspend the agreement if the US doesn't reduce tariffs on European steel and aluminium by the end of 2026. Those tariffs currently reach up to 50% on some products - and that's the biggest pain point for European industry. Without that clause, the deal would never have passed the European Parliament.

The agreement also has a "sunset" clause - it expires in December 2029, a year after Trump is supposed to leave the White House. That's diplomatic insurance: the EU doesn't want to stay locked under the terms of one unconventional president, and wants the option to renegotiate when the situation changes.

For a Balkan context - this deal doesn't change us directly. North Macedonia and the region aren't in the EU. But what happens with trade relations between the big blocs usually hits us with some delay. When the EU has pricier imports from the US (for example, on agricultural products), it shapes prices in neighbouring markets. When Germany's industrial sector enjoys stable tariffs - it can pull additional orders for suppliers from the region. In other words, this is a story for our market in two or three months.