Trump and EU agree 15% tariffs on European goods

Donald Trump announced a trade agreement with the European Union yesterday that will cut tariff rates down to 15 per cent on imports from the trade bloc, while US exports will be tariff-free.

- JOHN BOWDEN IN WASHINGTON, D.C.

The president spoke alongside European Commission president Ursula von der Leyen at his Turnberry golf course in Scotland as he announced the news.

“All of the countries will be opened up to trade with the United States at zero tariff [for US exports],” Mr Trump told reporters, shaking Ms Von der Leyen’s hand.

“We are agreeing that the tariff straight across for automobiles and everything else, will be a straight across tariff of 15 per cent. So we have a tariff of 15 per cent; we have the opening up of all of the European countries, which I think I could say [those markets] were essentially closed,” said the president. He also touted a number of impending EU investments, including a purchase of military materials.

Ms Von der Leyen confirmed: “It is 15 per cent tariffs across the board.”

“We have a trade deal between the two largest economies in the world, and it’s a big deal. It’s a huge deal. It will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic,” said the EC president.