In a surprise announcement from Turnberry, Scotland, U.S. President Donald Trump declared what he called “the greatest trade deal ever made” between the United States and the European Union, following high-level talks with European Commission President Ursula von der Leyen, on Sunday, July 27.
As part of the agreement, Trump revealed that U.S. tariffs on European exports will be set at 15%. He clarified that existing tariffs on steel and aluminum imports from Europe will remain unchanged.
In return, the European Union has committed to a major purchase and investment package. According to Trump, the EU will buy 750 billion dollars worth of American energy and military equipment.
Additionally, the bloc will invest another 600 billion dollars in the U.S. economy on top of existing commitments.
“The European Union is going to agree to purchase 750 billion dollars in energy products from the United States,” Trump said. “And it will also agree to invest an additional 600 billion dollars in the United States beyond what it already does. Congratulations on the deal,” he added.
Reacting to the announcement, von der Leyen said the agreement “will bring stability,” marking what both sides suggest is a turning point in transatlantic trade relations.
