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Trump announces trade deal with EU

Trump announces trade deal with EU

President Donald Trump announced on Sunday that the United States and the European Union have reached a new trade framework. The announcement came after Trump met European Commission President Ursula von der Leyen in Turnberry, Scotland. Under the new framework, a 15% tariff will be applied to EU goods entering the US. In return, the EU has agreed to buy large amounts of American energy products and military equipment."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.

However, the EU president said that the framework trade deal struck with the US president did not contain any decisions regarding the spirits sector. Von der Leyen said that the spirits sector was one of those areas where the details in the framework trade deal would have to be examined in coming weeks.

German Chancellor Friedrich Merz praised the trade agreement, saying that it helped prevent a trade war that could have seriously harmed Germany’s export-oriented economy and its automotive industry. Major German carmakers such as Volkswagen, Mercedes-Benz, and BMW were amongst those most affected by the US tariff currently imposed on vehicle and auto part imports.

 


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