Trump Made Trade Deal with EU

Sitting next to EU President Ursula von der Leyen in Scotland, President Trump announced a “landmark trade deal” with the European Union.

Here are the bullet points he gave of the deal:

• 15% tariff on EU goods, including automobiles, imported into the U.S.
• No tariff on U.S. exports to the EU
• Purchase $750 Billion worth of energy from the U.S.
• Invest an additional $600 Billion into the U.S.
• Buy a “vast amount” of U.S. military equipment

When it comes to the amount of money the EU will be spending on U.S. military equipment, President Trump said, “We don’t know what that number is…” He did, however, later say that number would be in the hundreds of billions of dollars.

EU automobiles only being tariffed at 15% instead of 25%, as President Trump announced for automobiles worldwide, was likely a large factor in getting the deal done.

Days before the August 1st tariff hike deadline, this deal averts escalating tariffs and trade war between the U.S. and the EU.

Just a week or so ago, this deal looked iffy to get done on time, particularly with the complexity of the multiple member countries of the EU needing to be onboard. However, after President Trump announced the trade deal with Japan last week, things immediately looked more optimistic for the EU trade deal to get completed along similar lines.

This week, we’ll likely be posting more regarding the various trade deals the Trump Administration is making. Stay tuned….