U.S. President Donald Trump has hailed the framework trade agreement with the European Union as the biggest trade deal ever made and one that promises to be “great for cars.”
An agreement brokered on Sunday between the U.S. and the EU means the Trump administration will impose a blanket tariff of 15% on most EU goods.
It represents a significant reduction from Trump’s threat to impose charges of 30% from Aug. 1 and almost halves the existing tariff rate on Europe’s auto sector from 27.5%.
Industry groups, while welcoming the trade deal, have expressed deep concern about the costs associated with the new tariff reality.
Sitting alongside the U.S. president in Scotland on Sunday, European Commission President Ursula von der Leyen described the agreement as a “good deal” following tough negotiations.
