Trump, EU announce trade deal
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The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for.
1hon MSN
US-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock
EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.
German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.
President Donald Trump met with European Commission President Ursula von der Leyen during his trip to Scotland.
4hon MSN
A raw deal but the best they could get with Trump: Europe dismayed and relieved at the same time
The European Union's trade agreement with the Trump administration is receiving mixed reviews. EU officials claim they avoided a major economic disaster, but French officials argue the EU didn't leverage its full strength.
Both sides hailed the agreement as the biggest ever. But it will come at a cost to the European Union, and many details have yet to be nailed down.
Pact removes a major risk for markets and the global economy, given the transatlantic partners did $2 trillion worth of cross-border commerce in 2024.
Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.
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