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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.
The US and EU have agreed on a framework for a trade deal, bringing relief that a transatlantic trade war has been averted. However, many in Europe maintain that the deal is skewed in America’s favour.
The United States and the European Union agreed to a trade framework setting a 15 percent tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shockwaves 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. Trump threatened to impose punishing tariffs on the EU’s 27 member countries. That did not happen. But a large section of trade analysts in EC feels that the agreement is more in favour of the US.
“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. ”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.
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Trump said the EU had agreed to buy some USD 750 billion worth of US energy and invest USD 600 billion more than it already invested 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 US exporters” have the opening up of all of the European countries. ” Von der Leyen said the 15 percent tariffs were “across the board, all inclusive” and that “indeed, basically the European market is open.”
