President Donald Trump announced a trade agreement on Sunday with the European Union that would lower tariffs to 15%, ending what had been months of uncertainty surrounding trade with the United States’ largest trade partner.
The tariff rate is a reduction from the 30% that Trump threatened on July 12 and the 20% he said he would impose on April 2.
Announcing the agreement, Trump said the E.U. will not impose a tariff on U.S. imports. He added this agreement was “satisfactory to both sides.”
European Commission President Ursula von der Leyen said Sunday alongside Trump that the pact “will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic.”
The agreement appears to closely mirror the trade agreement announced with Japan on Tuesday, under which Japanese imports will face a 15% import duty, which was also lower than Trump earlier threatened.
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Author: Joe Weber
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