President Donald Trump who is facing a political storm back home on Epstein files, on Sunday announced that the US and the European Union have reached a framework for a new trade deal.
Donald Trump Meets EU President Ursula von der Leyen, Announces Trade Deal
POTUS said that the deal was finalized after high-level talks with European Commission President Ursula von der Leyen.
The EU had previously pushed to maintain baseline tariffs at 10% and the new deal finaly ends the months of negotiations.
“We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,” Trump said during a joint press conference with von der Leyen.
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What is Inside The US-EU Trade Deal?
As part of the deal, the European Union has committed to major purchases and investments in the United States.
“They are going to agree to purchase from the United States $750 billion worth of energy. They are going to agree to invest into the United States $600 billion more than they’re investing already,” Trump stated.
The president also highlighted additional trade benefits, saying, “All of the countries will be opened up to trade with the United States at zero tariffs, and they’re agreeing to purchase a vast amount of military equipment.”
Trump described the agreement as unprecedented in scope, “this is the biggest deal ever made.”
Donald Trump Reiterates Tariff Deadline
President Trump reiterated that trading partners who have not finalized deals with the US will face new duties starting Friday. Steel and aluminum tariffs, already set at 50%, will remain unaffected.
Commerce Secretary Howard Lutnick, who was visiting with Trump, confirmed the administration’s deadline.
“August 1, the tariffs are set. They’ll go into place,” Lutnick said.
He also announced that tariffs on semiconductors will be detailed in two weeks.
Speaking earlier on Fox News Sunday, Lutnick clarified there will be “no further extensions or grace periods after August 1,” but noted that “big economies” could still engage in trade discussions with the U.S.
All The Countries US Has Signed Trade Deals With
The following table outlines the status of trade agreements, current tariff levels under finalized deals, and tariffs that were previously threatened:
| Trading Partner | Trade Deal? | U.S. Tariff Level in Deal | Tariff Level Threatened (Early July) | Tariff Level Threatened (Early April) |
|---|---|---|---|---|
| Japan | Yes | 15% | 25% | 24% |
| U.K. | Yes | 10% | N/A | 10% |
| Vietnam | Yes | 20% | N/A | 46% |
| Indonesia | Yes | 19% | 32% | 32% |
| Philippines | Yes | 19% | 20% | 17% |
| China | Preliminary | 30% | N/A | 145% |
| E.U. | Yes (Framework) | 15% | 30% | 20% |
| Canada | No | N/A | 35%, but with USMCA exemption | N/A |
| Mexico | No | N/A | 30%, but with USMCA exemption | N/A |
| South Korea | No | N/A | 25% | 25% |
| Taiwan | No | N/A | N/A | 32% |
| India | No | N/A | N/A | 26% |
| Thailand | No | N/A | 36% | 36% |
| Brazil | No | N/A | 50% | 10% |
| Malaysia | No | N/A | 25% | 24% |
| Cambodia | No | N/A | 36% | 49% |
Table created with AI
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