The U.S. and EU have finalized a trade agreement imposing a 15% tariff on European imports to America. President Donald Trump revealed the details following discussions with European Commission President Ursula von der Leyen during their meeting in Scotland.
Trump described the agreement as "mutually advantageous" and characterized it as "a form of collaboration." He highlighted that the EU has committed to purchasing $750 billion in U.S. energy resources and investing approximately $600 billion into the American economy. Furthermore, the EU will eliminate tariffs on U.S. goods and acquire significant military equipment from American suppliers.
According to Bloomberg, negotiations concluded just days before a scheduled 50% tariff hike, which Trump had earlier threatened.
In a late May ruling, the U.S. Court of International Trade declared the proposed tariff increases unlawful, stating the president had overstepped his authority in attempting to implement them.