Donald Trump has announced a tariff deal with the EU to end four months of difficult negotiations between Washington and Brussels and the prospect of a damaging transatlantic trade war.
The European Commission chief, Ursula von der Leyen, described it as “a big deal, a huge deal” that would bring “stability” and “predictability”. “The two biggest economies should have a good trade flow,” she said.
“It solves a lot of stuff and was a great decision,” said Trump.
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The deal involves a 15% baseline tariff for most EU exports to the US, limiting a higher border tax charge on EU goods sold to the US market. However, it is higher than before Trump came to power, and a 50% tariff remains on steel exports, in a set back for that industry.
Pharmaceuticals have also been excluded and could yet face punitive tariffs, Trump said.
The deal was sealed after a 40-minute meeting at Trump’s golf course in Scotland where is on a private four day visit.
