The United States has reached a trade agreement with the European Union, President Donald Trump announced following a meeting in Scotland with European Commission President Ursula von der Leyen, according to Adyrna.
The U.S. leader stated that the EU has agreed to purchase $750 billion worth of energy resources from the U.S. and invest an additional $600 billion into the American economy. Additionally, Brussels plans to buy military equipment worth a significant amount.
“This agreement will allow the EU to avoid a 30% customs duty that was set to be introduced on August 1. In return, Brussels will open its market to American exports and reduce customs duties to zero,” said Trump.
Under the agreement, the U.S. will impose a 15% customs duty on most imports from the EU, including automobiles. Previously, vehicles and auto parts imported from the EU were subject to a 25% tax.
President Trump called it “the largest deal ever.”
According to U.S. Secretary of Commerce Howard Lutnick, the issue of customs duties on semiconductors and pharmaceuticals from the EU will be resolved within two weeks.
For context, Bloomberg had earlier reported that the EU was preparing to impose a 30% tariff on U.S. goods in response to possible 30% tariffs from Washington.
