Trump hails historic US-EU agreement as biggest trade deal ever
Photo: US President Donald Trump (Getty Images)
US President Donald Trump announced a new large-scale trade deal with the European Union, saying the EU agreed to purchase $750 billion worth of American energy resources during his meeting with European Commission President Ursula von der Leyen.
"The European Union is 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. So they're investing a large amount of money. You know what that amount of money is. It's very substantial," Trump emphasized.
He added that the EU agreed to open its countries to trade with zero tariffs. According to the US leader, the EU countries also agreed to purchase a huge amount of military equipment.
Trump said they did not know the exact amount but called it good news because the US produces the best military equipment in the world. He added that the $750 billion and $600 billion figures would open up the country. He explained that they agreed on a direct tariff of 15% on cars and all other goods.
In conclusion, the US President said that, in his opinion, this is the biggest deal his country has ever made.
"It's a very powerful deal, it's a very big deal, it’s the biggest of all the deals," he summarized.
Earlier today, Trump said he does not plan to set tariffs against the EU below 15%.
It is worth noting that Trump set a deadline for the EU to reach a deal by August 1, 2025. If this does not happen, he threatened to impose a 30% base tariff on goods imported from the EU into the US.
Earlier today, Reuters reported that ahead of the meeting between Trump and von der Leyen, US and EU teams were conducting final negotiations on tariffs.
The deal was expected to include a 50% tariff on European steel and aluminum, which might be subject to export quotas.
