US President Donald Trump has backed down from setting high tariffs on pharmaceuticals and semiconductors imported from the European Union. Last month, Trump said pharmaceuticals and semiconductors were not covered by the US and EU's handshake trade deal - meaning those sectors could have faced tariffs rates of 250% and 100% respectively. However, according to new details released about the US-EU agreement on Thursday, EU pharma and semiconductor tariffs will be limited to 15% in line with most other sectors in the trade deal.