President Donald Trump announced Sunday that the U.S. reached a trade deal with the European Union, following a pivotal discussion with European Commission President Ursula von der Leyen days before the Aug. 1 tariff deadline.
Trump said that the deal imposes a 15% tariff on most European goods to the U.S., which is lower than the 30% rate he had previously threatened against the United States’ largest trading partner.
Trump also said that the 27-member bloc has agreed to purchase $750 billion worth of U.S. energy and $600 billion worth of investments into the U.S.
“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.
“It’s a good deal, it’s a huge deal, with tough negotiations,” von der Leyen said.
