US and EU Forge Trade Framework Amid Tariff Threats

The United States and the European Union have announced a newly agreed trade framework following talks between US President Donald Trump and European Commission President Ursula von der Leyen.

The meeting, held at Trump's resort in Scotland, was described by Trump as a 'very interesting negotiation' with beneficial outcomes for both parties. Trump's administration has leveraged the threat of tariffs, aiming to reduce America's trade deficits.

Although an agreement seemed imminent earlier, plans were disrupted as Trump hinted at imposing a 30 percent tariff rate. The recent agreement was reached just before Trump's proposed deadline for implementing tariffs on Friday.

(With inputs from agencies.)