By Daniel Chaitin | Daily Wire
Agreement was struck ahead of the August 1 deadline.
President Donald Trump announced on Sunday the “biggest” trade deal of them all with the European Union (EU).
Sitting with European Commission President Ursula von der Leyen in Turnberry, Scotland, Trump read off a piece of paper the various major takeaways from their agreement.
As part of the deal, per Trump’s description, the EU will purchase $750 billion worth of energy from the United States, agree to invest $600 billion more than the bloc is already investing, open up its countries up to trade with America, and buy a “vast amount” of military equipment.
Trump also noted the tariffs for automobiles and other EU imports will be a “straight across” rate of 15%. However, he said the 50% levies on steel and aluminum for U.S. trade partners would remain in effect.
Von der Leyen affirmed that a deal had been struck.
“We have a trade deal between the two largest economies in the world — and it’s a big deal. It’s a huge deal. It will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic,” she said.
Von der Leyen further noted that a resolution was reached after some “tough” negotiations.
Trump set an August 1 deadline for countries to reach a trade deal with the United States or endure higher tariff rates. The EU was facing a penalty of 30% on imports.
“It’s the biggest of all the deals,” Trump declared.
