President Donald Trump announced Sunday that the U.S. reached a trade deal with the European Union, following a pivotal discussion 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., which is lower than the 30% rate he had previously threatened against the United States’ largest trading partner.
Trump also said that the 27-member bloc has 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.
He said that the bloc would also be “purchasing hundreds of billions of dollars worth of military equipment,” but did not provide a specific dollar amount.
“It’s a very powerful deal, it’s a very big deal, it’s the biggest of all the deals,” Trump said alongside von der Leyen.
“It’s a good deal, it’s a huge deal, with tough negotiations,” von der Leyen said after the meeting.
The announcement comes after Trump during a press conference before his meeting with the European leader said that there was a 50-50 chance they would reach a framework of a deal.
The Sunday announcement marks a pivotal moment for Trump, following weeks of uncertainty surrounding the U.S.-EU trade talks.
Brussels had been preparing for a no-deal scenario if the trade talks devolved ahead of Aug. 1.
Lawmakers had approved a major package of counter-tariffs, which would have targeted a range of U.S. goods. The bloc also considered deploying the EU’s “Anti-Coercion Instrument,” a move seen as the trading bloc’s “trade bazooka.”
Ireland’s Prime Minister said that the agreement “brings clarity and predictability to the trading relationship between the EU and the US.”
“It does mean that there will now be higher tariffs than there have been and this will have an impact on trade between the EU and the US, making it more expensive and more challenging,” the Department of the Taoiseach said in a statement.
Still, the agreement “creates a new era of stability,” the statement continued.
Trump’s trade deals and tariffs are on the chopping block in courtNew bill would reward companies that give stock to rank-and-file employeesDOJ asks Epstein accomplice Maxwell ‘about 100 different people,’ lawyer saysWhat Europe’s response to a no-deal with Trump could look likeTrump deflects Jeffrey Epstein questions as Ghislaine Maxwell sits for second DOJ interviewTrump spars with Powell over renovation costs during Fed visit, but backs off firing threatsTrump Commerce Secretary Lutnick says U.S. auto CEOs are ‘cool with’ higher tariffs than JapanJeffrey Epstein accomplice Ghislaine Maxwell expected to meet with DOJ on ThursdayTrump to visit Federal Reserve, escalating campaign against Chair PowellTrump was told his name was in Jeffrey Epstein files before DOJ withheld documents: WSJThe U.S.-EU trade relationship was valued at 1.68 trillion euros ($1.97 trillion) when taking into account both services and goods trading in 2024, according to the European Council.
While the EU recorded a surplus on goods trading, it noted a deficit in the services realm. This left the EU with an overall trade surplus of around 50 billion euros with the U.S. last year.
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