Donald Trump and European Union leaders meeting in Scotland have agreed a trade deal, ending a standoff between two of the world's biggest economic partners.
Ahead of Trump’s delayed tariff deadline of Aug. 1, the President and European Commission President Ursula von der Leyen agreed a US tariff on all EU goods of 15%, half the import tax rate Trump had threatened to implement from the beginning of next month.
00:00If I were to sum up this EU-US agreement in one sentence, I would say it brings renewed stability and opens door to strategic collaboration.
00:12This is the result of a month of genuine and relentless efforts unmatched in their intensity and matched only by the unparalleled importance of our transatlantic trade.
00:26It's $1.7 trillion value underscores just how much was at stake.
00:33This is an agreement which should generate meaningful and mutual benefits.
00:38And I hope it will be a stepping stone to a broader EU-US trade and investment agreement in the future, while also fostering our joint efforts to tackle pressing global challenges such as much needed reform of the WTO.
00:55I believe that with our American counterparts, we are opening a new chapter.
01:02We spend a lot of time together.
01:04We know each other much better than before.
01:07We understand each other's sensitivities, each other's perspectives.
01:11And we also will be informing each other much more frequently about all the important decisions taken.
01:24So I believe that this commitment will be honored, will be respected in this case as well.
