00:00European Commission President Ursula von der Leyen and U.S. President Donald Trump
00:06with a big announcement in Scotland.
00:08Thank you very much. So we have good news.
00:11We've reached a deal. It's a good deal for everybody, I believe.
00:17And I think you were saying this is probably the biggest deal ever reached in any capacity, trade or beyond trade.
00:26A framework trade deal between two of the world's largest economies, simplifying the scheme of U.S. levies.
00:34We have stabilized on a single 15 percent tariff rate for the vast majority of EU exports.
00:43This rate applies across most sectors, including cars, semiconductors, pharmaceuticals.
00:53This 15 percent is a clear ceiling, so no stacking, all inclusive.
01:00Along with the 15 percent across-the-board tariff, von der Leyen says some products will be tariff-free,
01:07including aircraft, semiconductor equipment, natural resources and raw materials,
01:12as well as certain generic drugs, chemicals and agricultural products.
01:17Global markets climbed on the deal's announcement as nations around the world raced to reach deals of their own with Washington
01:24before an August 1 deadline, when they could be hit with high tariffs.
01:29Back in Washington, U.S. Commerce Secretary Howard Lutnick says results of a national security probe into foreign chip imports,
01:37largely from Taiwan, are due in about two weeks, which could see targeted tariffs on semiconductors.
01:44But one country on their own timeline is China, which may see tariffs take effect on August 12.
01:50U.S. Treasury Secretary Scott Besant and Chinese Vice Premier He Lifeng are set to meet in Stockholm on Monday,
01:58hoping to extend the current tariff truce and potentially pave the way for a meeting between Trump and Chinese President Xi Jinping.
02:06The Financial Times reports that Washington has even paused its technology export controls on China to avoid hurting trade talks.
02:15The focus now, mid-August, when key meetings may determine just how high the next tariff hurdle could be.
02:23Chris Ma and Chris Gorin for Taiwan Plus.
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