The United States and European Union clinched a trade agreement that will see EU exports taxed at 15 percent, in a bid to resolve a transatlantic tariff stand-off that threatened to explode into a trade war.
US President Donald Trump emerged from a high-stakes meeting with European Commission President Ursula von der Leyen at his golf resort in Scotland, describing the deal as the “biggest-ever”.
The deal, which the leaders struck in around an hour, came as the clock ticked down on an August 1 deadline to avoid an across-the-board US levy of 30 percent on European goods.
“We’ve reached a deal. It’s a good deal for everybody. This is probably the biggest deal ever reached in any capacity,” said Trump.
Trump said a baseline tariff of 15 percent would apply across the board, including for Europe’s crucial automobile sector, pharmaceuticals and semiconductors.
