Trump strikes landmark trade deal with EU in latest blow to doomsayers

Posted on by Constitutional Nobody

The “dealmaker”-in-chief announced a “landmark trade agreement” with the European Union to the tune of hundreds of billions of dollars.

“It will be the biggest of all the deals.”

As part of a weekend in Scotland, President Donald Trump met with European Commission President Ursula von der Leyen on Sunday ahead of a looming Aug. 1 deadline for tariff implementation. After a reported 75 minutes off camera, per the New York Post, an agreement was announced with whopping sums of $750 billion and $600 billion commitments.

“We were able to make a deal that’s very satisfactory on both sides … It’s a very powerful deal. It’s a very big deal. It’s the biggest of all the deals. It will be the biggest of all the deals,” said the president after the EU committed to buy $750 billion in American energy in addition to investing $600 billion in the U.S. economy.

On the tariff front, the chief executive reached a deal for tariffs on many American exports to be set at zero, while most European imports would face a 15% tariff as opposed to the 30% the EU had been threatened with.

“We should not forget where we would’ve been on the first of August. We would’ve been at 30% and it would’ve been much more difficult to get down now to the 15%. 15% is certainly a challenge for some, but we should not forget that it keeps us the access to the American market,” said von der Leyen during separate comments to the media. “I want to thank President Trump personally for his personal commitment and leadership to achieve this breakthrough. He is a tough negotiator, but he is also a dealmaker.”

Additional details of the deal included the purchase of U.S. military equipment that followed previous announcements of armaments heading to Ukraine, with NATO footing the bill, while steel and aluminum tariffs remained at 50% and pharmaceuticals were not hit with the 15% rate.

Ahead of the announcement, Commerce Secretary Howard Lutnick appeared on “Fox News Sunday,” where he affirmed to host Shannon Bream that Trump had foreseen 50-50 odds on reaching a deal with the EU. “Look, Europe needs to make a deal and wants to make a deal, and they are flying to Scotland to make a deal with President Trump.”

“The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 percent tariffs that he set?” he posited.

Lutnick also spoke to the success thus far of the president’s economic policies, as he detailed, “The tariff revenues are amazing — $700 billion a year. That’s just net new money the government never had before. So, you take that every year for ten years, that’s $7 trillion.”

The latest announcement from the administration came on the heels of a trade agreement with Japan days earlier, with a commitment from the Asian nation of $550 billion for which the U.S. was set to receive “90% of the Profits.”

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Author: Kevin Haggerty

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