President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline.
Trump met with the EU’s president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement.
The deal includes a 15 percent tariff on most European exports to the United States, similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a deescalation from the 30% Trump threatened to impose earlier in July.
The agreement also includes significant EU purchases of U.S. energy and military equipment, though details were not immediately available.
“We made it,” Trump said.
Trump, who is seeking to reorder the global economy and reduce decades-old U.S. trade deficits, has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of “90 deals in 90 days.”
This is a developing story that will be updated.
Contributing: USA TODAY
This article originally appeared on USA TODAY: Trump, European Union come to trade deal, 15 percent tariffs
