The U.S. 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.
The sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump’s Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline nearing for imposing punishing tariffs on the EU’s 27 member countries.
“It was a very interesting negotiation. I think it’s going to be great for both parties,” Trump says. The agreement, he says, was “a good deal for everybody” and “a giant deal with lots of countries.”
Von der Leyen says the deal will bring stability and predictability. “That’s very important for our businesses on both sides of the Atlantic.”
As with other, recent tariff agreements that Trump announced with countries including Japan and the United Kingdom, some major details remain pending in this one.
Trump says the EU had agreed to buy some $750 billion worth of U.S. energy and invest $600 billion more than it already is in America—as well as make a major military equipment purchase. He says tariffs “for automobiles and everything else will be a straight across tariff of 15%” and that U.S. exporters will have access to all of the European countries.
