Donald Trump has unveiled a new tariff arrangement with the European Union, which aims to draw substantial European investments into the United States. This agreement is being characterized as ‘very powerful.’
Earlier this year, Trump introduced a series of tariffs affecting various nations globally. However, certain agreements, such as those with the UK, have mitigated some of the impacts.
Just a few weeks ago, Trump posted letters on his Truth Social platform, declaring that the EU and Mexico would face 30 percent tariffs imposed by the US.
However, a new accord has been reached between Trump and European Commission President Ursula von der Leyen, stipulating that 15 percent tariffs will be levied on all goods from the EU.
Previously, the President had threatened to implement a 30 percent tariff starting later this week.
Trump disclosed to media personnel at his Turnberry golf course in Scotland that EU countries would commit $750 billion in energy purchases from the US, alongside $600 billion in EU investments in America.
“I think it’s great that we made a deal today instead of playing games and maybe not making a deal at all,” Trump stated.
“I think it’s the biggest deal ever made.”
The president further explained, “All of the countries will be opened up to trade with the United States at zero tariff, and they’re agreeing to purchase a vast amount of military equipment.”
While the press conference included some tense moments—with Trump labeling previous agreements as ‘one-sided transactions’ that were ‘unfair to the United States’—Ursula von der Leyen appeared satisfied with the outcome.
“Basically the European market is open,” the European leader affirmed. “It’s 450 million people, so it’s a good deal. It’s a huge deal. Was tough negotiations. I knew it at the beginning, and it was indeed very tough, but we came to a good conclusion from both sides.”
While the complete specifics of the agreement remain undisclosed, Trump underscored the significance of this new deal with the EU.
“This is the biggest deal. People don’t realize – this is bigger than any other deal. And it could happen – should happen,” he emphasized.
Von der Leyen highlighted that the deal involving US liquified natural gas, oil, and nuclear fuels would decrease Europe’s dependency on Russian energy sources, especially given the ongoing conflict in Ukraine.
“I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough,” Von der Leyen remarked about Trump.