'We have reached a deal...': Donald Trump announces US-EU trade agreement; says 'good deal for everybody' after talks with EU chief
US-EU trade deal: US President
Donald Trump
on Sunday said that America and the European Union have 'reached a deal' on trade. "We have reached a deal. It's a good deal for everybody," Trump said.
EU chief Ursula von der Leyen also hailed a 'good deal' with America, according to an AFP report.
Earlier Trump had said that EU export tariffs would remain at a minimum of 15% during crucial trade discussions with the European Union's leader in Scotland.
When questioned by a journalist about the possibility of reducing the tariff rate, Trump replied "No" whilst seated next to EU Commission President Ursula von der Leyen.
He additionally clarified that pharmaceutical products would be excluded from any trade agreement.
Trump and Ursula von der Leyen met in Scotland for crucial discussions, seeking to resolve the prolonged transatlantic trade dispute, with negotiations reaching their final stages.
Trump had maintained his stance that there was an equal probability of reaching an agreement with the European Union. The bloc had confronted a 30 percent US tariff unless a trade agreement was secured by August 1.
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Trump said on Sunday that "the deals all start on August 1", whilst Washington emphasised there would be "no extensions".
The European Commission, under von der Leyen's leadership and representing EU member states, was working intensively to secure an agreement to preserve the trade relationship, which accounts for $1.9 trillion annually in goods and services.
Speaking at the start of negotiations at Trump's upscale golf resort in Turnberry, the EU leader stated that if an agreement was reached, "I think it would be the biggest deal each of us has ever" made.
The meeting between Trump and von der Leyen was held at the president's upscale golf resort situated in Turnberry along Scotland's southwestern shoreline.
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