European automakers will save around 500-600 million euros ($585-700 million) a month dating back to Aug. 1 after the Trump administration implemented the U.S. end of its trade deal with the European Union, the EU’s top trade negotiator said Thursday.

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Trade Commissioner Maros Sefcovic said that the deal establishing a 15% tariff on most EU goods took effect with publication in the U.S. Federal Register instructing customs officials what to charge. That would reduce the tariff from a painfully high 27.5% rate set earlier by Trump.

The reduction eases a major burden on EU automakers and is a chief selling point for the deal as presented by European Commission President Ursula von der Leyen.

The deal is retroactive to Aug. 1 so “what we expect now is that the tariffs will

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