Trump announces EU trade deal with 15% tariffs
Evelyn Hockstein | Reuters
President
Donald Trump
announced Sunday that the U.S. reached a trade deal with the
European Union
, following pivotal discussions with European Commission President
Ursula von der Leyen
days before the Aug. 1 tariff deadline.
Trump said that the deal imposes a 15% tariff on most European goods to the U.S., which is lower than the
30% rate
he had previously threatened against the United States' largest trading partner.
Trump also said that the 27-member bloc has agreed to purchase $750 billion worth of U.S. energy and invest an additional $600 billion worth of investments into the U.S. above current levels.
He said that the bloc would also be 'purchasing hundreds of billions of dollars worth of military equipment,' but did not provide a specific dollar amount.
'It's a very powerful deal, it's a very big deal, it's the biggest of all the deals, Trump said alongside von der Leyen.
'It's a good deal, it's a huge deal, with tough negotiations,' von der Leyen said after the meeting.
While questions remain about the specific details and timeline of the EU investments, the agreement marks a pivotal moment for Trump, following weeks of uncertainty surrounding the U.S.-EU trade talks.
Trump during a press conference
before his meeting with the European leader
said that there was a
50-50 chance
they would reach a framework of a deal.
Brussels had been preparing for a
no-deal scenario
if the trade talks devolved ahead of Aug. 1.
Lawmakers had approved a major package of counter-tariffs, which would have targeted a range of U.S. goods. The bloc also considered deploying the EU's '
Anti-Coercion Instrument
,' a move seen as the trading bloc's 'trade bazooka.'
Ireland's Prime Minister said that the agreement 'brings clarity and predictability to the trading relationship between the EU and the US.'
'It does mean that there will now be higher tariffs than there have been and this will have an impact on trade between the EU and the US, making it more expensive and more challenging,' the Department of the Taoiseach said in a
statement
.
Still, the agreement 'creates a new era of stability,' the statement continued.
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