The President of the European Commission, Ursula von der Leyen, and the President of the United States, Donald Trump, finalized a general agreement this Sunday to resolve the trade dispute over tariff increases, with the establishment of 15% tariffs on European products and the European bloc’s commitment to additional investments as well as energy and arms acquisitions.
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Trump is in Scotland for a trip, which he has described as promotional for his golf courses, but he took the opportunity to close a deal that had been negotiating for several weeks and is now entering its final phase to finalize the last details.
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What are the details of the agreement between the EU and the US?
The preliminary agreement includes a 15% tariff on EU goods entering the United States. Brussels will make energy purchases from the United States worth 750.000 billion dollars, investments worth 600.000 billion dollars, and the acquisition of a “huge” amount of American military equipment.
According to Von der Leyen, the single tariff of 15% will apply to “the vast majority of EU exports,” such as automobiles, semiconductors, and pharmaceutical products. “This 15% is a clear maximum limit, so there is no accumulation of tariffs,” said the President of the EU.
If signed, the agreement will allow Trump to avoid a trade war with some of his main partners.
Von der Leyen also confirmed that she had agreed with the United States on “zero-for-zero tariffs” in other areas: aerospace, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources, and essential raw materials.
Regarding energy purchases, Von der Leyen defended that the acquisitions will serve to “diversify our sources of supply and contribute to Europe’s energy security” compromised by the war in Ukraine. “We will replace Russian gas and oil with significant purchases of liquefied gas and US nuclear fuel,” assured the President of the EU.
The framework agreement reached in Turnberry, where Trump is to promote one of his golf courses, averts the threat made by the U.S. president, who gave Brussels until August 1st to avoid imposing a 30% across-the-board tariff on European products starting from that moment.