President Donald Trump has scaled back plans for steep tariffs on European pharmaceuticals and semiconductors, confirming both will face a 15 percent rate under a new US-EU trade deal, according to BBC.

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 percent and 100 percent respectively.

The agreement, struck with European Commission President Ursula von der Leyen, lowers most EU tariffs to 15 percent and commits Europe to scrap duties on US industrial and farm goods. In return, US tariffs on European cars will drop from 27.5 percent to 15 percent once EU legislation is passed.

Ireland welcomed protection for its pharma exports, while EU officials said the deal brings stability. But wine and spirits were left out, disappointing producers on both sides, BBC reported.