President Trump announced a new trade deal with the European Union, decreasing tariffs on EU exports to the United States from 30% to 15%. The agreement excludes steel, aluminum, and pharmaceuticals. The EU committed to purchasing $750 billion of U.S. energy and investing $600 billion in the United States. Details about the agreement were limited. The announcement followed a meeting with EU Commission President Ursula von der Leyen, coinciding with Trump's visit to his golf resorts in Scotland. This trade relationship is significant, amounting to approximately $4 billion in daily trade.
Under the agreement, most EU exports to the United States will face a 15% tariff, down from the 30% tariff that the president had most recently threatened.
The EU agreed to buy $750 billion worth of U.S. energy as part of the agreement, and to invest $600 billion into the United States, Trump said.
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