Trump strikes $1.35T deal with EU to avoid trade war
Big news on the global trade front: President Trump just sealed a landmark $1.35 trillion trade deal with the European Union, narrowly avoiding a hefty 30% tariff on European imports.
Under this agreement, the EU will buy $750 billion worth of US energy and boost US investments by another $600 billion.
In exchange, most tariffs on European goods coming into the US drop to 15%.
Deal avoids potential trade war, shakes up jobs and prices
This deal was hammered out during tense talks in Scotland's Turnberry and helps both sides dodge a potential trade war—something that could have shaken up jobs and prices for everyone.
Trump leaned on the fact that Europe sells more to the US than it buys (an overall $58.7 billion surplus) to get better terms.
With nearly $1.97 trillion in annual trade between these two giants, keeping things smooth is a win for both economies—especially before any new tariffs could kick in next week.