Following months of escalating trade tensions, the European Union and the United States have reached a preliminary agreement aimed at de-escalating the ongoing tariff dispute. The announcement came Sunday after a high-level meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen in Turnberry, Scotland.
Under the terms of the agreement, a tariff rate of 15 percent will apply to numerous goods imported from the EU into the United States.
President Trump characterized the agreement as “the biggest deal of all” within his trade agenda. Prior to the meeting, President von der Leyen described a potential resolution as “perhaps the largest agreement any of us has ever concluded” and acknowledged President Trump as a “tough, but fair” negotiator.
The agreement comes after President Trump previously announced plans to impose a 30 percent tariff on all EU imports, effective August 1st, should a resolution not be reached beforehand. The U.S. President stated the deal is intended to remain in effect for at least several years. Details regarding the specific goods affected and further implementation steps are expected to be released shortly.