Latest news with #US-EU relations
Yahoo
a day ago
- Business
- Yahoo
Schumer blasts Trump's EU deal: ‘It's fake!'
Senate Minority Leader Chuck Schumer (D-N.Y.) blasted the trade deal negotiated between the United States and the European Union over the weekend, calling it 'fake.' The trade deal sets tariffs on European goods at 15 percent, half the rate that Trump had previously threatened on the continent. In exchange, the EU has pledged to buy $750 billion in American energy over the next three years. 'Trump would have you believe it's the biggest deal ever,' Schumer complained. 'Europe has admitted that this agreement isn't legally binding, and they have no control over whether these investments even happen.' While Europe is presumably avoiding a trade war with the U.S., several leading figures condemned the deal. French Prime Minister Francois Bayrou called Sunday a 'dark day' in a post on X. Schumer compared the agreement to Trump's deal with Japan, where the U.S. has imposed a 15 percent tariff in exchange for $550 billion in Japanese investments in American sectors. It is not clear what those exact investments would entail. The deal with Europe was reached days before Trump's postured deadline of Aug. 1, when his threatened levies are generally scheduled to take place. American trade representatives have fanned across the globe to attempt to make deals with countries as the president has continued dialing tariffs up and down. Schumer was also among the Democratic senators who sent a letter to Commerce Secretary Howard Lutnick Monday criticizing the administration's reversal on allowing certain high-powered computer chips to be sold to China. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
RNZ News
3 days ago
- Business
- RNZ News
Trump announces US and EU reached framework for a trade deal
By Auzinea Bacon and Alejandra Jaramillo , CNN US President Donald Trump is in Scotland. Photo: ANDY BUCHANAN President Donald Trump announced Sunday that the United States and the European Union reached a framework for a trade deal after talks with European Commission President Ursula von der Leyen in Turnberry, Scotland. "The European Union is going to agree to purchase from the United States $750 billion worth of energy," Trump said. "They are going to agree to invest into the United States $600 billion more than they're investing already." Trump began talks with von der Leyen earlier Sunday with Friday's deadline looming to reach a trade deal to avoid 30 percent tariffs on European imports. Trump said the United States could not go lower than a 15 percent across-the-board tariff rate for the European Union. The framework comes after Trump announced duties on most EU goods would be increased from the 10 percent universal baseline to a 30 percent levy on August 1, citing that the United States and European Union have one of the "largest trade deficits" and failed to reach a deal by Trump's previous July 9 deadline. At a news conference ahead of the talks, Von der Leyen told Trump he is "known as a tough negotiator and dealmaker." European Commission President Ursula von der Leyen called Trump a "tough negotiator". Photo: AFP /NICOLAS TUCAT Trump reaffirmed that tariff letters to other US trading partners who failed to secure a deal will face new duties on Friday, with the exception of tariffs on steel and aluminium. "Most of the deals, other than steel and aluminium, which we've been getting 50 percent tariffs from," he said. Earlier on Sunday, Commerce Secretary Howard Lutnick said there would be no further extensions or grace periods after August 1, but "big economies" can continue trade talks with the United States. Lutnick is in Scotland with Trump for EU trade talks. "August 1, the tariffs are set. They'll go into place," Lutnick said in an appearance on "Fox News Sunday." - CNN
