US president and his EU counterpart strike sweeping 15 percent tariff deal to stabilise transatlantic trade.The United States and European Union have reached a sweeping trade agreement, setting a 15 percent tariff on most goods, averting a major transatlantic trade war that could have rattled global markets.
The announcement came after a private meeting on Sunday between US President Donald Trump and European Commission President Ursula von der Leyen at Trump’s Turnberry golf resort in Scotland.
The deal comes just days before Washington was due to impose 30 percent tariffs on EU imports.
“It was a very interesting negotiation. I think it’s going to be great for both parties,” Trump told reporters. He added that it was “a good deal for everybody… a giant deal with lots of countries”.
Von der Leyen welcomed the deal, saying it would “bring stability; it will bring predictability that’s very important for our businesses on both sides of the Atlantic”.
Trump claimed the EU committed to buying about $750bn worth of US energy, increasing investment in the United States by another $600bn and placing a large order for military equipment. Both leaders confirmed that the agreed tariff rate of 15 percent would apply broadly to automobiles and other goods.
“We have the opening up of all of the European countries,” Trump said. Von der Leyen echoed that, noting that the 15 percent rate was “across the board, all inclusive” and that the European market was effectively now open.
The talks followed months of tense …