U.S.-EU Trade Pact: New Era of Economic Collaboration

U.S. President Donald Trump announced on Sunday that a trade deal has been finalized between the United States and the European Union. This pivotal agreement sets a 15% tariff on EU goods entering the US and includes commitments from the EU for substantial purchases of American energy and military equipment.

The agreement outlines $600 billion in European Union investments within the U.S., indicating a significant economic boost. European leaders have reacted positively to the news, with European Commission President Ursula von der Leyen highlighting the stability it brings in uncertain times.

German Chancellor Friedrich Merz praised the deal for preventing a potential trade conflict, particularly benefiting Germany's automotive industry by reducing existing tariffs. Italian Prime Minister Giorgia Meloni expressed a positive outlook while awaiting full details. Irish Trade Minister Simon Harris emphasized the certainty this agreement provides for businesses in the interconnected transatlantic market.

(With inputs from agencies.)