00:00U.S. President Donald Trump has warned that a controversial investment pledge forming part of the EU-U.S. trade deal will need to be honored by the EU or 35% blanket tariffs will be applied to the bloc.
00:14According to Trump, the investment pledge was one of the reasons he had dropped tariffs to a blanket 15% rate, so if it is unfulfilled, then higher tariffs will kick back in.
00:26Speaking on Tuesday after being quizzed on the deal, Trump touted a U.S. position which a White House fact sheet stated the agreement to include a pledge for the EU to invest $600 billion in the U.S. by the end of Trump's second term.
00:41But the EU Commission is unable to design and implement investments on behalf of the private sector.
00:47Last month, Trump and EU Commission President Ursula von der Leyen unveiled a preliminary trade deal featuring a 15% tariff on most imports from the EU.
00:59The deal also included commitments from Europe to purchase $750 billion worth of American energy, the details and modalities of which are yet to be unveiled.
01:11Thank you very much.
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