US, EU Finalize Trade Agreement
(MENAFN) The United States and the European Union concluded a significant trade agreement on Sunday, putting an end to months of speculation.
The announcement came from President Donald Trump after discussions with European Commission President Ursula von der Leyen in Scotland.
"I think it's great that we made a deal today, instead of playing games," Trump remarked to reporters, joined by von der Leyen, after the negotiations at his Turnberry golf resort in Scotland.
According to the U.S. president, the agreement is expected to be "great" for both sides.
Under the new terms, the U.S. will apply a 15% tariff rate on goods from the EU.
Previously, Washington had considered imposing a much steeper tariff rate of 30%.
Responding to an inquiry earlier that day, Trump affirmed that the U.S. would not reduce import duties below 15%. "It's going to bring us closer together... it's a partnership in a sense," he said, emphasizing the collaborative nature of the deal.
He also referred to the agreement as the "biggest deal ever made" and revealed that the U.S. is currently exploring trade pacts with "three or four other countries."
As outlined in the agreement, the EU will direct $600 billion in investments toward the U.S., while also committing to purchase $750 billion worth of American energy resources and military hardware.
"Energy is a very important component," Trump stated during the shared press briefing, highlighting the critical role of energy in the agreement.
The deal, reported by a news agency, reflects a significant shift in transatlantic relations and marks a strategic economic partnership aimed at fostering deeper cooperation between the two powers.
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