'Reached a Deal': US President Donald Trump Announces 15% Tariffs on EU; Calls It 'Good Deal for Everybody'

Turnberry: President Donald Trump announced on Sunday that the United States and the European Union have finalized have ‘reached a deal’ on trade.     

The deal, reached during high-level discussions in Scotland, establishes a 15% tariff on EU goods imported into the US. President Donald Trump described the agreement as mutually beneficial, stating, "We have reached a deal. It's a good deal for everybody." His sentiment was echoed by European Commission President Ursula von der Leyen, who similarly characterized the outcome as favorable for both parties.  

The negotiations yielded substantial economic commitments from the European Union, including pledges to invest $600 billion in the United States and purchase $750 billion worth of American energy products. It is important to note that pharmaceuticals notably exempted from these new trade barriers. 

These concessions formed a crucial part of the discussions aimed at preventing the implementation of more severe trade sanctions. President Trump emphasized the importance of the agreement, noting, "It was a very interesting negotiation. I think it's going to be great for both parties." The deal successfully averted the possibility of retaliatory measures from the EU, which could have triggered broader instability in global markets.  

Donald Trump Rules Out Extension on August 1 Tariff Deadline

The Trump administration maintained a firm stance on the August 1 deadline for implementing the tariffs, with Commerce Secretary Howard Lutnick explicitly ruling out any further extensions. "No extensions, no more grace periods," Lutnick stated, underscoring the administration's commitment to enforcing the new trade terms without delay. 

This decision followed an earlier July 9 deadline, which had already been extended once. The uncompromising position sends a clear message to other trading partners about the administration's approach to trade negotiations, emphasizing deadlines and binding commitments.  

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