The United States and the European Union have reached a framework trade agreement under which a 15 percent tariff will be imposed on most EU goods.
The agreement was finalized following talks in Scotland between European Commission President Ursula von der Leyen and US President Donald Trump.
President Trump described that the deal as “the biggest ever made,” while von der Leyen noted that the 15 percent tariffs would apply “across all sectors,” adding that the agreement is expected to bring greater stability to transatlantic trade relations.
As part of the deal, the European Union has also committed to investing $600 billion in the United States and to purchasing substantial quantities of American energy and military equipment.
The president revealed that pharmaceutical products would be exempt from the new tariffs, along with limited exclusions for aircraft and medical equipment.
Von der Leyen expressed the EU’s satisfaction with the agreement, describing it as a balanced outcome for both parties.
She also stated the EU’s intention to increase purchases of US military equipment as part of the bilateral understanding, while remaining prepared to introduce precautionary trade measures if necessary.
Earlier this month, on July 12, President Trump had threatened to impose a 30 percent tariff on EU imports starting August 1, after weeks of unsuccessful negotiations with key US trade partners on reaching a comprehensive deal.
In response, the EU had prepared retaliatory tariffs on $109 billion (EUR 93 billion) worth of US goods, which it planned to implement should the US move forward with its proposed 30 percent duties.
