President Donald Trump announced on Sunday that the United States and the European Union came to consensus on a trade agreement after negotiations with European Commission President Ursula Von Der Leyen in Turnberry, Scotland.
“The European Union will agree to buy $ 750 billion in energy in the United States,” said Trump. “They will agree to invest in the United States another $ 600 billion of what they are already investing.”
Trump began negotiations with von der Leyen on Sunday, with a period of Friday approaching to reach a commercial agreement that would avoid 30% tariffs on European imports. Trump said the United States could not go below a 15% general tariff for the European Union.
The deal arises after Trump announced that tariffs on most EU products would be increased from the universal base of 10% to a 30% rate on August 1, claiming that the United States and the European Union have one of the “largest commercial deficits” and failed to reach an agreement until Trump’s previous deadline.
At a press conference before the negotiations, von der Leyen told Trump that he is “known as a difficult negotiator and negotiator.”
Trump reaffirmed that tariff letters sent to other US business partners who failed to guarantee an agreement will face new customs rights on Friday, except for steel and aluminum tariffs. “Most agreements, except steel and aluminum, of which we have obtained 50%tariffs,” he said.
At the beginning of Sunday, Trade Secretary Howard Lutnick said there would be no further extensions or grace periods after August 1, but that “big economies” may continue commercial negotiations with the United States. Lutnick is in Scotland with Trump for commercial negotiations with the EU.
“On August 1, the rates will be defined. They will come into force,” said Lutnick in participation in the Fox News Sunday program.
