BBC News : The United States and European Union have reached a trade deal framework, ending a months-long standoff between two of the world’s biggest economic partners.
After make-or-break negotiations between President Donald Trump and European Commission President Ursula Von der Leyen in Scotland, the pair agreed a US tariff on all EU goods of 15%.
That is half the 30% import tax rate Trump had threatened to implement starting on Friday. He said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products.
Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade.
Trump has wielded tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit.
As well as the EU, he has struck tariff agreements with the UK, Japan, Indonesia, the Philippines and Vietnam, although he has not achieved his goal of “90 deals in 90 days”.
Sunday’s agreement was announced after private talks between Trump and Von der Leyen at his Turnberry golf course in South Ayrshire.
Trump – who is on a five-day visit to Scotland – said following their brief meeting: “We have reached a deal. It’s a good deal for everybody.” “It’s going to bring us closer together,” he added.
Von der Leyen also hailed it as a “huge deal”, after “tough negotiations”.
Trump said the EU would boost its investment in the US by $600bn (£446bn), including American military equipment, and spend $750bn on energy.
That investment over the next three years in American liquified natural gas, oil and nuclear fuels would, Von der Leyen said, help reduce European reliance on Russian power sources.
Some goods will not attract any tariffs, including aircraft and plane parts, certain chemicals and some agricultural products. A separate deal on semiconductors may be announced soon.
But a 50% US tariff Trump has implemented on steel and aluminium globally would stay in place, he said.
