US-EU Trade Agreement Announced
On Sunday, President Donald Trump and European Commission President Ursula von der Leyen revealed a new trade agreement between the United States and the European Union. They spoke to the media after what seemed like a rather uncertain negotiation, each stating that the chance of an agreement was around 50-50. Von der Leyen mentioned the discussions had “heavy things,” but both leaders expressed satisfaction with how things turned out.
“We agree that the automobile and all other tariffs will be 15%,” Trump noted, emphasizing a linear approach to tariffs. He went on to say, “So, we have a 15% tariff. We have all the openings of European countries. I think it was essentially closed, meaning we weren’t really receiving your orders. And, you weren’t exactly taking our farm products either.”
Von der Leyen mentioned that, alongside anticipated $600 billion from other US investments, the EU would purchase $150 billion worth of US energy as part of this deal.
During their comments to the Scottish press, it was a bit unclear if they would finalize the agreement. Trump said, “We look forward to talking to you to see if we can do anything.” He reflected on their past relationship, describing it as good but “very one-sided and unfair to the US.”
In response to a question from a reporter, von der Leyen echoed Trump’s sentiment, acknowledging that a “rebalance” is necessary, indicating that trade imbalances were in the billions.
“It’s about rebalancing,” she stated while sitting beside Trump. “You can call it fairness; you can call it a rebalance. We have a surplus, and the US has a deficit. We need to balance things out.”
