The EU and USA have reached a new tariff agreement, setting import duties at 15% on EU goods entering the US. Despite initial tensions, President Trump and EU Commission President Ursula von der Leyen negotiated the deal, which Trump describes as the 'biggest ever'. The agreement aims to reduce trade uncertainty and avoid potential economic repercussions.
EU and USA Agree on New 15% Tariff Deal
EU and USA Agree on New 15% Tariff Deal
The EU and USA have reached a new tariff agreement, announced by Trump. The deal sets tariffs at 15%.
"We've had a very difficult time with trade with Europe, very difficult, and I would like to see it resolved," said a somewhat grumpy Trump before the meeting.
EU Commission President Ursula von der Leyen and US President Donald Trump met on Sunday to negotiate future trade tariffs.
Before the meeting, they addressed the press together.
"I'm not in a particularly good mood," Trump told reporters.
When asked to explain why, he said, among other things:
"We've had a very difficult time with trade with Europe, very difficult, and I would like to see it resolved."
Ursula von der Leyen took a softer approach before the meeting, offering some flattery to Trump:
"You are known as a tough negotiator and dealmaker," she said.
"Good Deal for Everyone"
Even before negotiations with Ursula von der Leyen began, the president set the bar for the outcome. Tariffs against the EU will not be lower than 15%, he stated.
Said and done. Later, it was announced that the parties agreed on import tariffs of exactly 15% on EU goods entering the USA.
Trump describes it as "the biggest ever," writes Reuters.
"We have reached an agreement. It's a good deal for everyone," he told the assembled media.
Before the talks, Trump stated that the agreement would not affect tariffs on pharmaceuticals – the EU's largest export to the USA.
"Pharmaceuticals are very special," said Trump.
Expert: "Uncertainty for a Long Time"
Per Altenberg, trade strategist at the National Board of Trade Sweden, told Sveriges Radio Ekot that the agreement is "the least bad" solution. It avoids the uncertainty that the existence of a tariff agreement has posed for the market.
"This has been an uncertainty for a long time," he says and continues:
"The risk was clearly that we would end up in a vicious circle, which could affect the world economy, the EU's economy, and ultimately even Sweden. I think it was the least bad solution."