The US and EU reached a trade agreement that includes a 15% tariff on most European goods imported into the United States, which is lower than the 30% initially threatened by Trump. In exchange, the EU will invest an additional $600 billion in the US and commit to purchasing $750 billion of American energy. Steel tariffs will remain at 50%, with no extensions on the August 1 deadline for tariffs on other countries. Commerce Secretary Howard Lutnick confirmed that tariffs will go into effect as planned.
The deal sets 15% tariffs on most European goods imported to the United States, a significant reduction from the 30% Trump had threatened earlier, but more than the 10% the EU originally sought.
In return, Trump said the EU would ramp up investments in the United States. "The European Union is going to agree to purchase from the United States $750 billion worth of energy," Trump told reporters.
The agreement comes days before August 1, when the Trump administration's tariffs will go into effect for numerous countries, some of which could face levies as high as 50%.
Commerce Secretary Howard Lutnick said Sunday that there would be no more extensions and that tariffs would go into effect on August 1 as planned.
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