Featured Image Credit: Andrew Harnik/Getty Images
Topics: Donald Trump, Tariffs, Politics, US News
Callum Jones
Topics: Donald Trump, Tariffs, Politics, US News
Donald Trump has announced a new tariff deal with the European Union which is set to bring new European investments into the US in what is being described as a 'very powerful' agreement.
Earlier this year, Trump announced a series of new tariffs on countries across the globe - though deals struck with the UK, for example, have lightened the blow.
And just a few weeks ago, Trump shared letters on his Truth Social page and announced that the EU and Mexico will face 30 percent US tariffs.
But now, Trump has agreed with European Commission President Ursula von der Leyen that 15 percent tariffs would be placed on all EU goods.
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The POTUS had previously threatened to impose 30 percent tariffs from later this week.
Trump went on to tell reporters from his Turnberry golf course in Scotland that countries within the EU would purchase $750 billion of energy from America, while $600 billion of EU investments in the US would also be provided.
"I think it's great that we made a deal today instead of playing games and maybe not making a deal at all," Trump said.
"I think it's the biggest deal ever made."
The president added: "All of the countries will be opened up to trade with the United States at zero tariff, and they're agreeing to purchase a vast amount of military equipment."
While there were certainly a few awkward moments during the press conference, as Trump said the previous agreement were 'one-sided transactions' that were 'unfair to the United States', von der Leyen seemed pleased with the deal.
"Basically the European market is open," the European leader said. "It's 450 million people, so it's a good deal. It's a huge deal. Was tough negotiations. I knew it at the beginning, and it was indeed very tough, but we came to a good conclusion from both sides."
While the full details of the agreement are yet to be detailed, Trump expressed the importance of the new deal with the EU.
"This is the biggest deal. People don’t realize – this is bigger than any other deal. And it could happen – should happen," he said.
von der Leyen stated the deal on US liquified natural gas, oil and nuclear fuels would mean a less reliance on Russian power sources amid the ongoing war in Ukraine.
"I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough," Von der Leyen added of Trump.