The US and EU have announced a trade deal that would set tariffs at 15% for European goods, including automobiles, averting the worst-case scenario. "This is the biggest deal ever made," Trump said, lauding EU plans to dramatically increase its purchases of US energy and military equipment as part of the deal. Trump said the tariff rate would apply to "automobiles and everything else" and added that the 50% tariff on steel and aluminum "stays the way it is." The baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe’s initial hopes to secure a zero-for-zero tariff deal.
0:00 EU and US reach a trade deal after tough negotiations
1:32 Alan Auerbach, Professor of Economics, University of California, Berkeley
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News post in July 28, 2025, 6:04 am.
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