US President Donald Trump on Sunday, July 27, announced that that a trade deal has been reached with the European Union, after a meeting with European Commission President Ursula von der Leyen. The deal comes just days before the August 1 tariff deadline.<\/p>\n
The deal will see a 15% tariff on ‘most’ goods from the European Union that come into the US, including cars.
\n<\/p>\n
\nSome of the products, including aircrafts, their components, chemicals and pharmaceuticals, will not be subject to tariffs. The new 15% tariff rate will not be added to any tariffs already in effect.
Donald Trump, during his letter-sending spree to nations earlier this month, had threatened a 30% tariff on the European Union, in response to which, the bloc had already readied a slew of counter measures, in case talks failed.<\/p>\n
The European Union will also purchase US energy worth $750 billion and invest another $600 billion into the country over a period of time. “Hundreds of billions of dollars worth military equipment would also be purchased,” Trump said, without specifying a number.
\n<\/p>\n
\n\u201cIt\u2019s a very powerful deal, it\u2019s a very big deal, it\u2019s the biggest of all the deals,\u201d the US President said, having made similar remarks after striking a deal with Japan last week.<\/p>\n
Ireland welcomed the move, although they said that trade will now get “more challenging and expensive,” but added that this does lend some clarity and stability to the process.<\/p>\n
The deal was also welcomed by German Chancellor Friedrich Merz, who said that it will benefit the country’s auto industry as tariffs come down from 27.5% currently, to 15%.<\/p>\n
Netherlands PM Dick Schoof also wrote on “X” that “no tariffs would be better”, but praised the European Union for getting the “best deal possible.”<\/p>\n
The US-European Union trade relationship is valued at close to $2 trillion, according to the European Council data for 2024, after accounting for both services and goods. The 27-country bloc has a trade surplus with the US when it comes to goods, but runs a deficit on the services front.<\/p>\n
US futures have reacted positively to the news with the Dow futures gaining close to 200 points in response.<\/p>\n
(With Inputs From Agencies.)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"US President Donald Trump on Sunday, July 27, announced that that a trade deal has been reached with…\n","protected":false},"author":2,"featured_media":297006,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5174],"tags":[32,2000,299,5187,1699,110046,554,1220,978,42800,110047,110045],"class_list":{"0":"post-297005","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eu","8":"tag-donald-trump","9":"tag-eu","10":"tag-europe","11":"tag-european","12":"tag-european-union","13":"tag-trump-tariff-deadline","14":"tag-trump-tariffs","15":"tag-ursula-von-der-leyen","16":"tag-us","17":"tag-us-eu-trade-deal","18":"tag-us-eu-deal-details","19":"tag-us-european-union-trade-deal"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114927658807321625","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/297005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=297005"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/297005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/297006"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=297005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=297005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=297005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}