US, EU Attain Commerce Deal Forward of Tariff Deadline

The US and the EU reached a commerce deal on Sunday after negotiations in Scotland between President Donald Trump and European Fee President Ursula von der Leyen.

The deal units 15% tariffs on most European items imported to the US, a big discount from the 30% Trump had threatened earlier, however greater than the ten% the EU initially sought. In return, Trump stated the EU would ramp up investments in the US.

“The European Union goes to comply with buy from the US $750 billion value of vitality,” Trump informed reporters. “They’re going to agree to take a position into the US $600 billion greater than they’re investing already.”

The EU additionally agreed to buy a “huge quantity” of army gear from the US.

“I believe it is the largest deal ever made,” Trump stated.

There are some exceptions to the 15% tariffs, together with metal, which Trump stated would stay on the 50% he earlier set for all international locations worldwide.

The settlement comes days earlier than August 1, when the Trump administration’s tariffs will go into impact for quite a few international locations, a few of which might face levies as excessive as 50%.

Commerce Secretary Howard Lutnick stated Sunday that there can be no extra extensions and that tariffs would go into impact on August 1 as deliberate.

“No extensions. No extra grace durations,” Lutnick informed Fox Information.