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.

A White House spokeswoman said Vladimir Putin had agreed to a meeting with Volodymyr Zelensky, but Russia has not confirmed. President Trump said American troops would not be deployed in Ukraine.

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.

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,

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

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.

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.