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Daily Record
12 minutes ago
- Daily Record
Trump agrees US-EU trade deal avoiding tariff war in Turnberry talks with Von der Leyen
A deal was struck after European Commission chief Ursula von der Leyen met with the US President at his golf resort in South Ayrshire. Donald Trump has announced a huge trade deal with the European Union worth more than $1.35 trillion (£1.05 trillion) after meeting European Commission chief Ursula von der Leyen at his Turnberry golf resort in South Ayrshire. The former US President said the agreement, struck during Von der Leyen's visit today, will see the EU buy $750bn of American energy and invest a further $600bn into the US economy. Trump told reporters: 'The European Union is going to agree to purchase from the United States $750 billion worth of energy. 'They are going to agree to invest into the United States $600 billion more than they're investing already. So they're investing a large amount of money. 'You know what that amount of money is, it's very substantial.' He added that all EU countries had agreed to open up their markets for zero-tariff trade with the US and to purchase 'a vast amount of military equipment,' calling the deal 'bigger than any other deal', reports the Mirror. Trump also revealed both sides had agreed to a 'straight across' 15% tariff on cars. 'I think that basically concludes the deal,' he said. Von der Leyen said the US and EU remain the world's biggest trading partners and described the talks as an attempt to 'rebalance' the multi-trillion-dollar relationship. Calling Trump 'a tough negotiator and dealmaker,' she added: 'I think it would be the biggest deal each of us has ever struck.' Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Trump described hosting Von der Leyen at his Scottish resort as 'an honour' and repeated his long-standing concerns about 'unfair' trade with Europe, warning that without an agreement, the US had been ready to impose 30% tariffs on EU imports. The agreement follows months of tense negotiations, with both sides previously threatening retaliatory tariffs on goods ranging from European cars and cheese to American beer and aircraft.
Reuters
12 minutes ago
- Reuters
Investors cautiously welcome US-Europe trade deal
NEW YORK, July 27 (Reuters) - Investors cautiously embraced news of a trade deal Sunday between the U.S. and European Union, a move that is expected to bring clarity for companies and some certainty to markets ahead of Friday's tariffs deadline. U.S. President Donald Trump announced the United States has struck a framework trade deal with Europe. The deal includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment. "It's really in line with the Japan deal, and I assume investors will view it positively as they viewed the Japan deal," said Rick Meckler, partner at Cherry Lance Investments in New Vernon, New Jersey. Optimism over easing trade tensions broadly helped push U.S. stocks to record highs last week and lifted European shares to their highest since early June. Trump's April 2 "Liberation Day" announcement of sweeping global tariffs sent stocks plunging in the immediate aftermath, due to spiking fears about a recession that have since faded. Hopes for a deal with Europe were reinforced by Trump striking a trade agreement with Japan on July 23. Still, investors have been bracing for increased volatility heading into August 1, which the U.S. has set as a deadline for raising levies on a broad swath of trading partners. "The two obvious reactions that you would expect are upside in the euro and upside in equity futures. I don't think equities in particular needed much of an excuse to rally and now they've got one," said Michael Brown, senior research strategist at Pepperstone in London. The announcement came after European Commission President Ursula von der Leyen traveled to Scotland for talks with Trump to push a hard-fought deal over the line. In the agreement with Japan, the country's auto sector, which accounts for more than a quarter of its U.S. exports, will see existing tariffs cut to 15% from levies totaling 27.5% previously.
Reuters
12 minutes ago
- Reuters
US to release result of probe into chip imports in two weeks
TURNBERRY, Scotland/EDINBURGH, July 27 (Reuters) - The Trump administration will announce the results of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, as President Donald Trump suggested higher tariffs were on the horizon. Lutnick told reporters after a meeting between Trump and European Commission President Ursula von der Leyen that the investigation was one of the "key reasons" the European Union sought to negotiate a broader trade agreement that would "resolve all things at one time." Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs. He said von der Leyen had avoided the pending chips tariffs "in a much better way." Trump and von der Leyen announced a new framework trade agreement that includes across-the-board 15% tariffs on EU imports entering the United States. Trump said the agreement included autos, which face a higher 25% tariff under a separate sectoral tariff action. The Trump administration in April said it was investigating whether extensive reliance on foreign imports of pharmaceuticals and semiconductors posed a national security threat. The probe, being conducted under Section 232 of the Trade Expansion Act of 1962, could lay the groundwork for new tariffs on imports in both sectors. The Trump administration has begun separate investigations under the same law into imports of copper and lumber. Earlier probes completed during Trump's first term formed the basis for 25% tariffs rolled out since his return to the White House in January on steel and aluminum and on the auto industry. Trump has upended global trade with a series of aggressive levies against trading partners, including a 10% tariff that took effect in April, with that rate set to increase sharply for most larger trading partners from August 1. The U.S. relies heavily on chips imported from Taiwan, something Democratic former President Joe Biden sought to reverse during his term by granting billions of dollars in Chips Act awards to lure chipmakers to expand production in the United States.
