Trump secures trade deal with EU, slashes tariffs to 15%; lands $750 billion energy deal and $600 billion investment
'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said.
President Trump noted the long-standing friction in trade relations between the US and Europe, saying: "We've had a hard time with trade with Europe, a very hard time.' 'I think the main sticking point is fairness.'
Under the deal, the US will impose a baseline 15% tariff on EU exports — the same level Japan recently agreed to — including autos, which were previously taxed at 25%.
'We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15 percent," Trump confirmed.
As part of the agreement, the EU has committed to purchasing $750 billion worth of US energy and investing $600 billion more into the American economy.
Trump called the outcome 'a good deal for everybody,' while von der Leyen added: 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.'
The agreement reportedly mirrors the recent .S-Japan deal announced earlier in the week, which also featured a 15% import duty and avoided previously threatened higher tariffs.
US Commerce Secretary Howard Lutnick emphasised the urgency to push both sides to reach a consensus: 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go.'
With EU trade deal sealed, six countries including — Britain, Vietnam, Indonesia, the Philippines, and Japan — have reached agreements with the Trump administration ahead of the upcoming Friday deadline, as the US moves to reshape the global free trade framework by imposing tariffs on nations it accuses of unfair trade practices.
While the tariffs agreed upon by these countries are generally higher than the 10 percent base rate the US has applied to most nations since April, they remain significantly lower than the steep rates the Trump administration had threatened if no deals were secured.
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