The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry.
President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.
Trump said the EU will invest $600 billion in the U.S. and buy $750 billion worth of U.S. energy products, with “vast amounts” of American weapons in the mix. He also said the EU will be “opening up their countries at zero tariff.”
Von der Leyen said the 15% rate was “all inclusive,” but Trump later added that it didn’t apply to pharmaceuticals and metals though it does to autos.
“I think that basically concludes the deal,” he told reporters. “It’s the biggest of all the deals.”
