On July 27th, local time, US President Trump announced that the US had reached a trade agreement with the EU, imposing a 15% tariff on EU goods imported into the US.
It was reported that on the 27th, US President Trump and European Commission President Ursula von der Leyen held talks at Turnberry Golf Course in South Ayrshire, Scotland, ultimately announcing the new US-EU trade agreement.
Trump stated that the EU would increase its investment in the US by $600 billion, purchase US military equipment, and purchase $750 billion worth of US energy products.
Von der Leyen said the negotiations with Trump were difficult. “I knew from the beginning that they were very difficult,” she said. “But we reached a conclusion that is mutually beneficial.” Von der Leyen said these trade agreements with the US will bring stability to the market.
German Chancellor Angela Merz welcomed the agreement, saying it averted a trade conflict.
On the other hand, Bernd Lange, chairman of the European Parliament’s International Trade Committee, expressed dissatisfaction with the agreement, saying that the tariffs were unbalanced and that the huge investments the EU allocated to the United States might come at the expense of the EU’s own interests.