EU and US Strike Historic Trade Agreement Amidst Tariff Tensions
European Union leaders and the United States reached a crucial trade agreement, establishing 15% tariffs on several goods. They agreed on continued discussions regarding steel and aluminum tariffs. The EU will purchase $750 billion in U.S. energy, and markets will open for most products.
In a significant development on the global trade front, the European Union and the United States have agreed on a new framework. According to a U.S. administration official, the EU will impose 15% tariffs on automobiles, semiconductors, and pharmaceuticals.
The agreement also affirmed the continuance of 50% U.S. tariffs on steel and aluminum. However, officials noted that discussions on these specific tariffs would persist in the future. This overshadowed the initial proposition by President Trump, who had suggested the EU purchase $1 trillion of U.S. energy during his term.
Ultimately, the deal settled on $750 billion of U.S. energy purchases, with the EU agreeing to open its markets to most, but not all, products. An analyst noted the agreement as a step towards mitigating trade tensions.
(With inputs from agencies.)
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