A brand new trade agreement has been reached between the U.S. and EU with 15% tariffs – National

America and the European Union agreed to a trade deal setting a 15% tariff on most goods, President Donald Trump announced Sunday, staving off for now higher import taxes on each side that may need sent shock waves through economies across the globe.

The announcement got here after Trump and European Commission chief Ursula von der Leyen met briefly at Trump’s Turnberry golf course in Scotland. Their private meeting culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the 27-member EU.

“It was a really interesting negotiation. I believe it’s going to be great for each parties,” Trump said. The agreement, he said, was “an excellent deal for everyone” and “an enormous cope with a lot of countries.”

Von der Leyen said the deal “will bring stability, it would bring predictability that’s very vital for our businesses on each side of the Atlantic.”

Trump said the EU had agreed to purchase some $750 billion value of U.S. energy and invest $600 billion greater than it already is in America, in addition to making a significant purchase of military equipment.

“We’re agreeing that the tariff straight across for automobiles and every little thing else will probably be a straight across tariff of 15%,” Trump said. “We’ve got a tariff of 15%. We’ve got the opening up of all the European countries.”

Von der Leyen said the 15% tariffs were “across the board, all inclusive” and that “indeed, principally the European market is open.”

Before the meeting began, Trump pledged to vary what he characterised as “a really one-sided transaction, very unfair to the US.”

“I believe each side wish to see fairness,” the Republican president told reporters. She spoke of rebalancing.

Von der Leyen said the U.S. and EU combined have the world’s largest trade volume, encompassing lots of of thousands and thousands of individuals and trillions of dollars. She added that Trump was “often known as a tricky negotiator and dealmaker.”

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“But fair,” Trump said.

For months, Trump has threatened a lot of the world with large tariffs in hopes of shrinking major U.S. trade deficits with many key trading partners. More recently, he had hinted that any cope with the EU would should “buy down” the currently scheduled tariff rate of 30%.

During his comments before the deal was announced, he pointed to a recent U.S. agreement with Japan that set tariff rates for a lot of goods at 15% and suggested the EU could comply with something similar.

Asked then if he can be willing to just accept tariff rates lower than that, Trump said “no.”

Their meeting got here after Trump played golf for the second straight day at his Turnberry course, this time with a gaggle that included sons Eric and Donald Jr. The president’s five-day visit to Scotland is built around golf and promoting properties bearing his name.

A small group of demonstrators on the course waved American flags and raised an indication criticizing British Prime Minister Keir Starmer, who plans his own Turnberry meeting with Trump on Monday. Other voices might be heard cheering and chanting “Trump! Trump!” as he played nearby.

On Tuesday, Trump will probably be in Aberdeen, in northeastern Scotland, where his family has one other golf course and is opening a 3rd next month. The president and his sons plan to assist cut the ribbon on the brand new course.

Joining von der Leyen were Maros Sefcovic, the EU’s chief trade negotiator; Björn Seibert, the top of von der Leyen’s Cabinet; Sabine Weyand, the commission’s directorate-general for trade, and Tomas Baert, head of trade and agriculture on the EU’s delegation to the U.S.

The U.S. and EU seemed near a deal earlier this month, but Trump as an alternative threatened the 30% tariff rate. The deadline for the Trump administration to start imposing tariffs has shifted in recent weeks but is now firm, the administration insists.

“No extensions, no more grace periods. Aug. 1, the tariffs are set, they’ll go into place, Customs will start collecting the cash and off we go,” U.S. Commerce Secretary Howard Lutnick told “Fox News Sunday.” He added, nevertheless, that even after that “people can still talk over with President Trump. I mean, he’s at all times willing to listen.”

Without an agreement, the EU said it was prepared to retaliate with tariffs on lots of of American products, starting from beef and auto parts to beer and Boeing airplanes.

If Trump eventually followed through on his threat of tariffs against Europe, it could have made every little thing from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals dearer in the US.

The U.S. and Britain, meanwhile, announced a trade framework in May and a larger agreement last month in the course of the Group of Seven meeting in Canada. Trump says that deal is concluded and that he and Starmer will discuss other matters — though the White House has suggested it still needs some polishing.

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