Following months of escalating trade tensions, the European Union and the United States have reached a preliminary agreement aimed at de-escalating the ongoing tariff dispute.
The announcement came Sunday following a high-level meeting between US President Donald Trump and European Commission President Ursula von der Leyen at Turnberry, Scotland. Under the agreement, a tariff rate of 15 percent will apply to numerous goods imported from the EU into the United States.
President Trump characterized the understanding as “the greatest deal of all” within his trade agenda. Prior to the meeting, President von der Leyen had suggested the potential agreement could be “perhaps the largest deal any of us has ever closed” adding that President Trump was a “tough, but fair” negotiator.
The agreement comes after President Trump previously announced plans to impose a 30 percent tariff on all EU imports starting August 1st, should a resolution not be reached beforehand. According to President Trump, the new arrangement is intended to endure for at least several years. Details regarding the specific goods affected and the full implementation process are expected to be released in the coming days.
