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EU, U.S. agree to trade deal
AWANI
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5 months ago
The U.S. and EU have agreed on a trade deal that will impose a 15% tariff on all EU goods, while the EU will open its markets to US exporters with 0% tariffs on certain products.
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00:00
The U.S. and EU have agreed on a trade deal that will impose a 15% tariff on all EU goods.
00:06
In return, the EU has agreed to open its markets to U.S. exporters with 0% tariffs on certain products.
00:13
The deal was reached after talks between U.S. President Donald Trump and European Commission President Ursula von der Leyen
00:20
during Trump's five-day visit to Scotland.
00:23
Technical details are expected to be finalized in the coming weeks.
00:27
The new rate is half of the 30% import tax Trump had threatened to impose starting August 1st.
00:33
Trump said the agreement would see the EU increase its investment in the U.S. by US$600 billion,
00:40
including on military equipment, and spend US$750 billion on American energy.
00:47
Key sectors like aircraft parts, certain chemicals, and some agricultural goods will also be reportedly exempt from tariffs.
00:55
The U.S., however, will keep a 50% tariff on steel and aluminium,
01:00
though von der Leyen suggested it could shift to a quota system with further talks.
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