President Trump and European Commission President Ursula von der Leyen announced a trade agreement on Sunday.

“@realDonaldTrump announces a new trade deal between the U.S. and the EU, with the EU agreeing to purchase $750 billion in U.S. energy and invest an additional $600 billion beyond previous commitments,” Fox News wrote.

“It’s going to bring a lot of unity and friendship. It’s gonna work out really well,” Trump said.

“They’re agreeing to open up their countries to trade at zero tariff. So, that’s a very big factor,” Trump said.

“They are agreeing to purchase a vast amount of military equipment,” he continued.

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“We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%. We have a tariff of 15%, we have the opening up of all of the European countries,” Trump added.

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Trump and von der Leyen had sounded unsure of whether a deal would be reached even as they spoke to the press in Scotland on Sunday.

“We look forward to talking to see if we can do something,” Trump had said of the negotiations. “We’ve had, a very good relationship over the years, but it’s been a very one-sided transaction, very unfair to the United States.”

Responding to a reporter’s question, von der Leyen agreed with Trump that there must be a “rebalancing” of the bilateral trade, which is worth billions of dollars.

“It is about rebalancing,” von der Leyen said as she sat next to Trump. “You can call it fairness, you can call it rebalancing. We have a surplus and the United States has a deficit, and we have to rebalance it.”

“It’s a very powerful deal, it’s a very big deal, it’s the biggest of all the deals,” Trump said.

Trump began negotiations with von der Leyen earlier Sunday as the deadline loomed to reach a deal before tariffs on European imports went to 30%.

CNN noted:

The framework comes after Trump announced duties on most EU goods would be increased from the 10% universal baseline to a 30% levy on August 1, citing that the United States and European Union have one of the “largest trade deficits” and failed to reach a deal by Trump’s previous July 9 deadline.

At a news conference ahead of the talks, Von der Leyen told Trump he is “known as a tough negotiator and dealmaker.”

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Trump reaffirmed that tariff letters to other US trading partners who failed to secure a deal will face new duties on Friday, with the exception of tariffs on steel and aluminum. “Most of the deals, other than steel and aluminum, which we’ve been getting 50% tariffs from,” he said.

Earlier on Sunday, Commerce Secretary Howard Lutnick said there would be no further extensions or grace periods after August 1, but “big economies” can continue trade talks with the United States. Lutnick is in Scotland with Trump for EU trade talks.

“August 1, the tariffs are set. They’ll go into place,” Lutnick said in an appearance on “Fox News Sunday.”

 

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