Trump, EU strike major trade deal with 15% tariffs
The agreement was reached following a meeting on Sunday between Trump and European Commission President Ursula von der Leyen in Scotland, marking a political win for the US president.
Trump said the deal includes a 15% tariff on most European goods entering the United States, including automobiles.
He also stated that the EU agreed to purchase $750 billion worth of American energy, invest an additional $600 billion in the US, and buy hundreds of billions of dollars' worth of military equipment, according to CNBC.
Von der Leyen, in a press briefing, said that certain products—including aircraft, their components, some chemicals, and pharmaceuticals—would be exempt from the tariffs. She also clarified that the new 15% tariff rate would not be added on top of any existing duties.
While the 15% rate is lower than the 30% Trump previously threatened, it is still above the EU's preferred rate of 10% that it had hoped to secure in the negotiations.
"It's a very powerful deal, it's a very big deal, it's the biggest of all the deals,' Trump said.
'It's a good deal, it's a huge deal, with tough negotiations,' von der Leyen said.
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