According to a report from The Associated Press, The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.
The sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump’s Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the EU’s 27 member countries.
“It was a very interesting negotiation. I think it’s going to be great for both parties,” Trump said. The agreement, he said, was “a good deal for everybody” and “a giant deal with lots of countries.”
Von der Leyen said the deal “will bring stability, it will bring predictability, that’s very important for our businesses on both sides of the Atlantic.”
Many facets will require more work
As with other, recent tariff agreements that Trump announced with countries including Japan and the United Kingdom, some major details remain pending in this one.
Trump said the EU had agreed to buy some $750 billion worth of U.S. energy and invest $600 billion more than it already is in America — as well as make a major military equipment purchase. He said tariffs “for automobiles and everything else will be a straight across tariff of 15%” and meant that U.S. exporters “have the opening up of all of the European countries.”
Von der Leyen said the 15% tariffs were “across the board, all inclusive” and that “indeed, basically the European market is open.”
Click here to read the full report from The Associated Press.
