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The European Union and the United States have struck a tentative trade deal to avert a potentially devastating tariff war between two of the world’s largest economies, capping a race against time before a self-imposed deadline of 1 August.
Under the agreed terms, finalised on Sunday by European Commission President Ursula von der Leyen and US President Donald Trump during a meeting in Scotland, the majority of EU exports bound for the American market will be slapped with a 15% tariff.
“I think it’s great we made a deal today instead of playing games,” Trump said at the end of the meeting. “I think it’s the biggest deal ever made.”
“We have a trade deal between the two largest economies in the world. And it’s a big deal. It’s a huge deal,” von der Leyen said.
“It will bring stability, it will bring predictability. That’s very important for businesses on both sides of the Atlantic.”
This is a developing story.
