Trade Deal reached with European Union

Trump Announces Trade Deal with EU

President Donald Trump announced Sunday that the U.S. reached a trade deal with the European Union, following pivotal discussions with European Commission President Ursula von der Leyen days before the Aug. 1 tariff deadline.

Trump said that the deal imposes a 15% tariff on most European goods to the U.S., including cars.

Some products, including aircrafts and their components, some chemicals and pharmaceuticals, will not be subject to tariffs, von der Leyen said in a briefing after the agreement was announced. She also said that the new 15% tariff rate would not be added to any tariffs already in effect.

Trump said that the 27-member bloc also agreed to purchase $750 billion worth of U.S. energy and invest an additional $600 billion worth of investments into the U.S. above current levels.

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