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Yahoo
37 minutes ago
- Yahoo
U.S., EU reach historic trade deal
U.S., EU reach historic trade deal originally appeared on TheStreet. The U.S. and the European Union reached a historic trade deal on July 27. President Donald Trump said the EU is going to purchase energy worth $750 billion and military equipment worth hundreds of billions of dollars from the U.S. The EU has also agreed to invest $600 billion in the U.S. Tariffs for automobiles and everything else will be 15%, he added and continued that the EU has agreed to open up their countries at "zero tariff." "That basically concludes a deal." European Commission President Ursula von der Leyen said the EU agreed to 15% "across the board" tariffs and said the trade deal with the U.S. will bring stability. Bitcoin reflected a rebound following the announcement of the historical trade deal and was trading at $119,063.02 at the time of writing. China, US to reportedly extend tariff pause by 90 more days Earlier also, Bitcoin witnessed a similar but sharper rebound — from around $118,500 to around $119,500 before it retreated to around $118,900 — following the news report by the South China Morning Post that the U.S. and China are expected to extend their tariff truce by another 90 days when both superpowers meet to resume trade talks in Stockholm on July tariff war has led to an enormous impact on the crypto markets so far. When the president hiked tariffs on Apr. 2, the total crypto market cap dipped from $2.74 trillion to $2.42 trillion on Apr. 8. Next, when he paused tariffs for all countries for 90 days on Apr. 9, China remained the main exception as the U.S.'s tariff hikes against it continued. Nonetheless, the market sighed a breath of relief and began quickly recovering to reach $2.71 trillion on Apr. 12. As trade talks between the two countries took place, they agreed to remove most high tariffs imposed since Apr. 2, but the deadline of this pause is set to expire on August 12. The total crypto market cap stood at $3.94 trillion at the time of writing. Meanwhile, Bitcoin hit a record high of $123,091.61 on July 14 as uncertainty around the tariffs continued — reflecting the king coin's resilience. U.S., EU reach historic trade deal first appeared on TheStreet on Jul 27, 2025 This story was originally reported by TheStreet on Jul 27, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
US and EU reach a trade deal that sets 15% tariff rate and pledges hundreds of billions in investments
President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug. 1, up from the current 'reciprocal' duty of 10%. Last week, Trump reached a trade with Japan that set a 15% rate. The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement. Trump said the EU will invest $600 billion in the U.S. and buy $750 billion of U.S. energy, with 'vast amounts' of American weapons also in the mix. He also said the EU will be 'opening up their countries at zero tariff.' Von der Leyen said the 15% rate was 'all inclusive,' but Trump said later that it didn't apply to pharmaceuticals and metals though it does for autos. 'I think that basically concludes the deal,' he told reporters. 'It's the biggest of all the deals.' Von der Leyen also said the agreement would 'rebalance' trade between the two partners. The U.S. goods trade deficit with the 27-member EU was $235.6 billion in 2024, a 12.9% increase from 2023, according to the office of the U.S. Trade Representative. She later confirmed that the $750 billion in U.S. energy purchases would come over the next three years, while adding that both sides will drop tariffs to zero on aircraft, plane parts, certain chemicals, and chip equipment as well as some farm products, generic drugs and raw materials. No decisions have been made on a rate for wine and spirits, she added. But von der Leyen also introduced some uncertainty by saying the 15% rate does apply to pharmaceuticals while also suggesting more details will come from the U.S. and that pharma overall is 'on a different sheet of paper.' A deal with America's biggest trading partner removes a key source of market uncertainty and the threat of a damaging trade war. Michael Brown, senior research strategist at Pepperstone, said in a note that European carmakers are among the big winners from the deal as tariffs on autos will drop to 15% from the current 25%, securing a similar carveout that Japan obtained last week. U.S. defense and energy stocks also stand to gain. 'Stocks hardly need much of an excuse to rally right now, and agreement of the 'biggest ever deal' – Trump's words, not mine – not only removes a key left tail risk that the market had been concerned about, but also yet again reiterates that the direction of travel remains away from punchy rhetoric, and towards trade deals done,' he wrote. Heading into their meeting, Trump and von der Leyen said they saw a 50-50 chance of reaching a deal. Trump ruled out pharmaceuticals from any deal and said the tariff rate on the EU wouldn't go below 15%. The EU already faces a 50% U.S. tariff on steel and aluminum. Without a deal by Aug. 1, the EU was set to get hit with a 30% 'reciprocal' tariff, up from 10%. Last week, Trump reached a trade with Japan that set a 15% rate and included a pledge for Tokyo to invest $550 billion in key U.S. industrial sectors, with Trump able to direct the funds. Treasury Secretary Scott Bessent said Japan's investment offer was key to clinching a trade deal and suggested it could help other countries get a comparable rate, though Wall Street analysts have expressed skepticism that the money will fully materialize. In fact, Trump has hinted that the EU would have to 'buy down' the threatened tariff rate of 30% and pointed to the Japan deal. In case no deal with the U.S. was made, the EU had already pre-planned retaliatory tariffs of up to 30% on more than $100 billion worth of goods American exports, such as aircraft, cars and bourbon whiskey. Meanwhile, other U.S. trading partners are also staring down the Aug. 1 deadline, and Commerce Secretary Howard Lutnick said Sunday that no further extensions will be given. But the U.S. and China are reportedly extending their trade truce by 90 days as talks between Bessent and Chinese Vice Premier He Lifeng scheduled to start on Monday in Stockholm. Without an extension, their tariff pause was scheduled to end on Aug. 12. 'When Japan broke down and made a deal the EU had little choice. The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold,' Jamie Cox, managing partner for Harris Financial Group, said in a note. 'The next big durable theme in markets is security, and the EU deal only accelerates it.' This story was originally featured on
Yahoo
an hour ago
- Yahoo
Trump strikes a deal with the EU on tariffs
The US and EU agreed to a trade deal on Sunday. The deal sets a 15% tariff on most European goods imported to the US. The EU will invest $600 billion in the US in addition to existing investments. The US and the EU reached a trade deal on Sunday after negotiations in Scotland between President Donald Trump and European Commission President Ursula von der Leyen. The deal sets 15% tariffs on most European goods imported to the United States, a significant reduction from the 30% Trump had threatened earlier, but more than the 10% the EU originally sought. In return, Trump said the EU would ramp up investments in the United States. "The European Union is going to agree to purchase from the United States $750 billion worth of energy," Trump told reporters. "They are going to agree to invest into the United States $600 billion more than they're investing already." The EU also agreed to purchase a "vast amount" of military equipment from the US. "I think it's the biggest deal ever made," Trump said. There are some exceptions to the 15% tariffs, including steel, which Trump said would remain at the 50% he earlier set for all countries worldwide. The agreement comes days before August 1, when the Trump administration's tariffs will go into effect for numerous countries, some of which could face levies as high as 50%. Commerce Secretary Howard Lutnick said Sunday that there would be no more extensions and that tariffs would go into effect on August 1 as planned. "No extensions. No more grace periods," Lutnick told Fox News. Read the original article on Business Insider
