The United States and European Union on Thursday released the first official text of a new transatlantic trade agreement, confirming plans to slash tariffs on autos and industrial goods—contingent on Europe enacting its pledge to eliminate duties on U.S. exports.

President Donald Trump boasts that his global tariffs are bringing in “much more money than the country has ever seen,” which he says could help reduce the debt and even pay for rebate checks for American taxpayers.