US President Donald Trump said the US and the European Union had reached a trade deal that would impose 15 percent tariffs on most goods, avoiding higher import duties on both sides that could send economic shockwaves around the world.
The announcement came after Mr Trump and European Commission President Ursula von der Leyen met briefly at Mr Trump's golf course in Turnberry, Scotland.
Their closed meeting capped months of talks as the White House looms on August 1 to impose punitive tariffs on the 27-member EU.
“These were very productive negotiations. I think they will be beneficial to both sides,” Mr. Trump said.
He said the agreement was a “win-win” and a “huge deal with a lot of countries.”
Ms von der Leyen said the deal “will bring stability and predictability, which is vital for businesses on both sides of the Atlantic.”
Mr Trump noted that the EU had agreed to buy about $750bn (£558bn) worth of US energy supplies and invest a further $600bn (£446bn) in America, as well as making significant purchases of military equipment.
The US leader said: “We agree that the tariff on cars and everything else will be 15%.
“We have a 15% tariff. We are open to all European countries.”
Ms von der Leyen added that the 15 per cent tariffs “are universal and cover everything” and that “in reality, the European market is basically open”.
Before the meeting, Mr Trump vowed to change what he described as a “very one-sided deal that is very unfair to the United States.”
“I think both sides are looking for justice,” the Republican president told reporters.
His counterpart in the European Commission spoke of the need for a rebalancing. Ms von der Leyen noted that the US and the EU together have the largest trade volume in the world, involving hundreds of millions of people and trillions of dollars. She added that Mr Trump “is known as a tough negotiator and a master dealmaker”.
“But fair,” Mr. Trump added.
For several months, Mr. Trump
Sourse: breakingnews.ie
