US, EU agreed on framework for major trade deal — Trump
US, EU agreed on framework for major trade deal — Trump
US President, Donald Trump announced on Sunday that the United States and the European Union have agreed on a framework for a trade deal.
The agreement followed talks with European Commission President Ursula von der Leyen at Trump Turnberry golf club.
“The European Union is going to agree to purchase from the United States $750 billion worth of energy,” Trump declared.
“They are going to agree to invest into the United States $600 billion more than they’re investing already,” he further said.
The announcement came just days before a Friday deadline set to trigger a 30% tariff on EU imports if no deal was reached.
Trump said the US could not agree to anything lower than a 15% across-the-board tariff rate for EU goods.
This framework comes after Trump previously announced that most European goods would face duties rising from the 10% baseline to 30% on August 1.
He cited the large US-EU trade deficit and the failure to meet his earlier July 9 deadline as reasons for the hike.
At a press conference before Sunday’s talks, von der Leyen acknowledged Trump’s reputation, saying he is “known as a tough negotiator and dealmaker.”
“Most of the deals, other than steel and aluminum, which we’ve been getting 50% tariffs from,” he said.
Commerce Secretary Howard Lutnick, who joined Trump in Scotland, reinforced the warning on Fox News Sunday.
“There would be no further extensions or grace periods after August 1,” he said, but added that “big economies” can still continue trade talks with the US
“August 1, the tariffs are set. They’ll go into place,” Lutnick stated.
(CNN)
