BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The United States and the European Union have reached a deal on tariffs and trade, agreeing on 15 percent import duty on vast majority of EU goods.
This is just half of the rate that Trump had threatened to implement from August 1.
This rate applies across most sectors, including cars, semiconductors and pharmaceuticals. 'This 15% is a clear ceiling. No stacking. All-inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial,' European Commission President Ursula von der Leyen said after her meeting with President Donald Trump at his Turnberry golf resort in Scotland on Sunday.
The two sides have also agreed on zero-for-zero tariffs on a number of strategic products. This includes all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials. The two leaders said they will keep working to add more products to this list.
On steel and aluminum, to reduce barriers between the EU and the US, tariffs will be cut. And a quota system will be put in place.
The European Union agreed to purchase US energy products to diversify its sources of supply and contribute to Europe's energy security. EU will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels.
'This deal will have a clear impact on the bottom lines of our companies. And with this deal, we are securing access to our largest export market,' Ursula von der Leyen said.
The two largest economies in the world have trade worth 1.7 trillion per year. Together they are a market of 800 million people, which is nearly 44 percent of global GDP.
Trump described the agreement as the 'biggest deal ever made'. He hinted that the U.S. is set to ink trade deal with 'three to four other countries'.
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