U.S. President Donald Trump and European Commission President Ursula von der Leyen announced a new trade agreement on Sunday. This deal sets a 15 percent baseline tariff on most goods imported from the European Union to the U.S.
While Trump called it a “good deal” that would help American exports like cars and farm products, the agreement also includes EU commitments to buy $750 billion worth of U.S. energy and invest an additional $600 billion in the U.S.
The new 15% tariff is a compromise, lower than Trump’s threatened 30% tariff but still significantly higher than previous rates. It’s expected to raise prices for U.S. consumers and impact European companies’ profits. The EU’s trade committee chairman criticized the deal as “unsatisfactory” and “imbalanced,” arguing it could harm the EU’s economy.
Credit: CGTN
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