The euro rose on Monday after the United States reached a framework trade agreement with the European Union.
U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal during a meeting in Scotland on Sunday.
The deal will see a 15% tariff on EU goods imported into the U.S. – half of what Trump had threatened to impose from August 1.
“We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,” Trump announced from Scotland. “So we have a tariff of 15%. We have the opening up of all of the European countries, which I think I could say were essentially closed.”
Von der Leyen said Europe will also purchase $150 billion worth of U.S. energy as part of the deal, in addition to making $600 billion in other investments into the U.S.
The framework deal is similar to one forged with Tokyo negotiators last week that will see Japan investing around $550 billion in the U.S. and a 15% tariff imposed on its cars and other imports.
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Author: Ray Hilbrich
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