US and EU clinch trade deal to avert prohibitive US tariffs, Trump says
The deal, that includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies.
However, the baseline tariff of 15% will be seen by many in Europe as a poor outcome compared to the initial European ambition of a zero-for-zero tariff deal, although it is better than the threatened 30% rate.
The announcement came after European Commission President Ursula von der Leyen travelled to Scotland for talks with U.S. President Donald Trump to push a hard-fought deal over the line.
Trump, who is seeking to reorder the global economy and reduce decades-old U.S. trade deficits, has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days."
Trump has periodically railed against the European Union saying it was "formed to screw the United States" on trade.
His main bugbear is the U.S. merchandise trade deficit with the EU, which in 2024 reached $235 billion, according to U.S. Census Bureau data. The EU points to the U.S. surplus in services, which it says partially redresses the balance.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News
27 minutes ago
- Sky News
PM to hold talks with Trump today - but will have to walk a fine diplomatic line
Gaza and transatlantic trade are set to dominate talks between Donald Trump and Sir Keir Starmer when the pair meet in Scotland later. Downing Street said the prime minister would discuss "what more can be done to secure the ceasefire [in the Middle East] urgently", during discussions at the president's Turnberry golf course in Ayrshire. Talks in Qatar over a ceasefire ended on Thursday after the US and Israel withdrew their negotiating teams. 13:22 Mr Trump blamed Hamas for the collapse of negotiations as he left the US for Scotland, saying the militant group "didn't want to make a deal… they want to die". Sir Keir has tried to forge close personal ties with the president - frequently praising his actions on the world stage despite clear foreign policy differences between the US and UK. The approach seemed to pay off in May when Mr Trump announced the agreement of a trade deal with the UK that would see several tariffs lowered. The two leaders are expected to discuss this agreement when they meet, with the prime minister likely to press the president for a lowering of outstanding tariffs on imports such as steel. 3:31 Prior to the visit, the White House said the talks would allow them to "refine the historic US-UK trade deal". That comes hot on the heels of the US reaching an agreement with the EU, which Mr Trump described as the "biggest dal ever made". This will see 15% tariffs imposed on most European goods entering America, despite the president previously threatening a 30% levy. 1:30 Extracting promises from the president on the Middle East may be harder though. Despite some reports that Mr Trump is growing frustrated with Israel, there is a clear difference in tone between the US and its Western allies. As he did over the Ukraine war, Sir Keir will have to walk a diplomatic line between the UK's European allies and the White House. On Thursday, French President Emmanuel Macron announced his country would formally recognise a Palestinian state in September, the first member of the G7 to do so. That move was dismissed by Mr Trump, who said it "doesn't carry any weight". 0:45 The UK, French and German leaders spoke over the weekend and agreed to work together on the "next phase" in Gaza that would see transitional governance and security arrangements put in place, alongside the large-scale delivery of aid. Under pressure from members of his own party and cabinet to follow France and signal formal recognition of Palestine, Sir Keir has gradually become more critical of Israel in recent months. On Friday, the prime minister said "the starvation and denial of humanitarian aid to the Palestinian people, the increasing violence from extremist settler groups, and Israel's disproportionate military escalation in Gaza are all indefensible". Government sources say UK recognition is a matter of "when, not if" - but it's thought Downing Street wants to ensure any announcement is made at a time when it can have the greatest diplomatic impact. 1:19 Cabinet ministers will be convened in the coming days, during the summer recess, to discuss the situation in Gaza. The UK has also been working with Jordan to air drop supplies, after Israel said it would allow foreign countries to provide aid to the territory. Donald Trump's trip to Scotland comes ahead of his second state visit to the UK in September. Downing Street says Ukraine will also likely be discussed in the meeting with both men reflecting on what can be done to force Russia back to the negotiating table. After the meeting at Turnberry, the prime minister will travel with the president to Aberdeen for a private engagement.
Daily Record
37 minutes ago
- Daily Record
Donald Trump 'caught cheating' at his Scottish resort as caddie moves ball for him
A video has emerged from Donald Trump's golf course in Scotland appearing to show a caddie dropping a ball for the US President on the fairway as he played a shot Donald Trump has found himself embroiled in another golfing scandal after footage emerged seemingly showing a caddie dropping a ball for him during a round in Scotland. While on a European trip and visiting his golf resorts, the US President was caught on camera playing at Turnberry when it appeared one of his caddies may have overstepped the mark to help him. The video, shot from within a nearby building, captures Trump arriving by golf cart on the left side of the fairway. With a bunker and some light fescue between him and the green, as he stopped, two caddies walked past – with one seemingly pausing to place a ball in front of Trump. The 79 year old exited the cart, golf club in hand, and approached the newly positioned ball, seemingly ready to take his next stroke. The clip concludes before he takes the swing. the Express. "Who needs a foot wedge when you have a personal ball dropper? ? ?" joked one user on X, previously known as Twitter. Another user humorously suggested, "Him and Kim Jong Un would be INSANE scramble partners." A self-proclaimed PGA professional chimed in with, "Such a perfect metaphor for our Commander-in-Cheat." Some social media users playfully admired the incident. "Wild... Looks like I need these fellas as Caddies with the way I hit it anymore," one comment read. This is not the first instance of Trump being accused of bending the rules on the golf links. Is Donald Trump a cheat on the golf course? Earlier this year, Samuel L. Jackson, the esteemed actor, alleged that Trump had cheated during a game they played together. When queried about who was the better golfer, Jackson confidently stated: "Oh, I am, for sure. I don't cheat." Trump has since refuted the claims of having played with the 'Pulp Fiction' star, asserting on social media that such a game never took place. Actor Anthony Anderson has echoed similar sentiments. During an appearance on 'Late Night with Seth Meyers' in 2016, Anderson remarked, "Trump is a great golfer. I'm not going to say Trump cheats. His caddy cheats for him." When pressed for details on whether he witnessed Trump cheating, Anderson affirmed: "Oh yes, several times. Several times." He recounted an occasion where both he and Trump had poor tee shots. "Trump hit the exact same shot but went 20 yards further left than mine," he explained. "I couldn't find my ball in this trash. Trump's ball had the fluffiest lie in the middle of the fairway." Anderson concluded: "Like I say, I didn't see Trump cheat because he was on the tee-box with me, but his ball was right there in the middle of the fairway." Sportswriter Rick Reilly has delved into these allegations, asserting in 2019 that Trump frequently manipulated his ball's position and even took credit for others' shots. In an article for The Sunday Times, Reilly revealed that Trump's caddies had even dubbed him "Pele" due to his frequent ball-kicking antics. "To say Donald Trump cheats is like saying Michael Phelps swims," he penned. "Trump doesn't just cheat at golf. He cheats like a three-card monte dealer. "He throws it, boots it and moves it. Whether you're his pharmacist or Tiger Woods, if you're playing golf with him, he's going to cheat."
Reuters
37 minutes ago
- Reuters
Gold falls to near two-week low after US, EU agree to tariff deal
July 28 (Reuters) - Gold prices fell to their lowest level in nearly two weeks on Monday, as a framework trade agreement between the United States and European Union ahead of the August 1 tariff deadline boosted appetite for risk assets. Spot gold was down 0.1% at $3,332.18 per ounce, as of 0208 GMT, after touching its lowest level since July 17. U.S. gold futures edged 0.1% lower to $3,331.60. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. However, the agreement left key issues unresolved, including tariffs on spirits. The agreement eased transatlantic trade tensions, putting pressure on gold, said Jigar Trivedi, a senior commodity analyst at Reliance Securities, adding that it also softened the dollar index, which provided some cushion to bullion. The U.S. dollar index (.DXY), opens new tab eased 0.1%, making greenback-priced bullion more affordable for overseas buyers. Risk sentiment improved following the agreement, with European currencies and U.S. stock index futures trading higher. Meanwhile, senior U.S. and Chinese negotiators are set to meet in Stockholm later in the day to address long-standing economic disputes, seeking to extend a truce that has prevented higher tariffs. "In the short term, we don't expect gold to experience wild swings. Investors are turning their focus to a pivotal week for U.S. monetary policy and economic data," Trivedi said. The Federal Reserve is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. U.S. President Donald Trump said on Friday he had a positive meeting with Powell, suggesting the Fed chief might be inclined to lower interest rates. Spot silver was up 0.2% at $38.23 per ounce, while platinum gained 0.6% to $1,409.50 and palladium rose 0.6% to $1,227.76.
